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Education Point Society TM ( Regd)

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Q. No. 1 One of the following is not the purpose of accounting To ascertain profit or loss

Q. No. 2 The policy of anticipate no profits and provide for all possible losses arises due to Disclosure Concept

Q. No. 3 Accural basis of accouning is based on Time Period Concept

Q. No. 4 Which one of the following is correct Net Worth = Capital - Assets

Q. No. 5 Journal is the Final statement

Q. No. 6 Double Entry means Same Aspect is entered twice

Q. No. 7 All the ledger accounts tabulated in summary form is known as Balance Sheet

Q. No. 8 The comparison of one accounting period with tht in the past is possible only when the _________ concept is followed Time period Conept

Q. No. 9 Which of the following is not a captial expenditure for a business man selling garments Purchase of old computer for use in the office

Q. No. 10 On which of the following assets depereciation is not provided Building

Q. No. 11 Purchase of plant for cash None of the above

Q. No. 12 The method used to find out what profit a petty trader has made is The straight line method

Q. No. 13 One of the following is not a correct statement Credit what comes in

Q. No. 14 According to Generally Accepted Accounting Principles Profits can be anticipated and accounting for

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