1. DUring the yr. 96000 /- was debited as salary in the income and expenditure account. There was outstanding on salary account at the beginning and at the end of the yr were 12000 /- and 15000 /- respectively. The amount of salary paind shown in receipt and peyment account would be........
A. 84000
B. 81000
C. 93000
D. None of these.
2. The capital of a company comprises of equity shares of 10 /- each amounting to 10 lakhs and 10% preference shares of 2 lakhs. Profit after tax for the year is 4 lakhs. Dividend declared is @ 25% and current market price of Equity share is 80 /- each. The price - earning ratio is
A. 20times
B. 21.5 times
C. 22.1 times
D. None of these
#3. Dual concept in accounting results in the following equation :
A. Capital + Liability = Assets
B. Revenue = Expenses
C. Capital + Profit = Assets
D. Total Assets = Total Liability
4. Under which of the following heads is claims against a company not ackowledged as debts shown ?
A. Unsecured loan
B. Current Liability
C. Current assets
D. Contingent Liability
5. Wages incurred by departmental workers of a factory in installing a new machinery is a revenue expenditure . Say tru / false
6. Inauguarion expenses on opening a new branch of an existing business will be ____________ expenditure. (Capital / revenue)
7. Trial balance would not disclosure _______ (Error of ommission / ommission of posting)
8. Classify the following amounts into Real, Personal, Nominal a/c
A. Patent Rights a/c
B. Drawings a/c
C. Purchases a/c
D. Prepaid insurance a/c
E. Donation a/c
F. Bank overdraft a/c
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