CBSE  /  Class 11  /  Accountancy  /  Financial Statements 2

  • 1. 
    Outstanding Expenses are related to-

  • Current year
  • Next year
  • Last year
  • None of these.

  • 2. 
    Prepaid expenses are shown in-

  • Liability side
  • Asset side
  • Assets or Liability side
  • None of these.

  • 3. 
    Charity of goods is-

  • Expenses
  • Loss
  • Profit
  • None of these.

  • 4. 
    If a person fails to pay his debt, such amount is considered as-

  • Bad debts
  • Bad debts recovered
  • Provision for Bad debt
  • None of these.

  • 5. 
    The object of non – trading concerns-

  • Social service
  • Profit earning
  • Both of these
  • None of the above.

  • 6. 
    Such persons who earn remuneration against their services are called –

  • Seller
  • Purchaser
  • Professional
  • None of these.

  • 7. 
    Which of the following is not an item of income of Non – trading concern –

  • Entrance fees
  • Interest
  • Govt. Aid
  • Salary.

  • 8. 
    Receipt and payment account is a summary of-

  • Income & Expenditure account
  • Profit & Loss A/c
  • Cash – book
  • None of these.

  • 9. 
    Which of the following is recorded in income & expenditure account –

  • Revenue items
  • Capital items
  • Revenue and capital items
  • None of these.
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