1. : Funds invested in fixed assets are known as…
(A) Restricted funds
(B) Annuity funds
(C) Property Funds
(D) A & B
2. : Deficit is transferred into…
(A) Accumulated profit
(B) Capital fund
(C) Balance sheet
(D) Trading account
3. : Expenditure and income account is always recorded in?
(A) Balance sheet
(B) Petty cash book
(C) Trial balance
(D) All of the above
4. : If income is calculated more than expenditure then?
(A) Deficit and surplus
(B) Deficit
(C) Surplus
(D) All of the above
5. : Which item is not prepared in a single entry system?
(A) Trial balance
(B) Trading account
(C) Profit and loss account
(D) Balance sheet
6. : On which fund does third-party restriction exist?
(A) Property fund
(B) Unrestricted fund
(C) Endowment fund
(D) Restricted fund
7. : Single entry system is usually used by?
(A) Government
(B) Shareholders
(C) Partners
(D) None of the above
8. : In Payment and Receipt account, which items are not usually adopted?
(A) Expenses paid for previous year
(B) Donation received during the year
(C) Loss on sale of old furniture
(D) Entrance fees paid by new members
9. : The single entry system is defined as?
(A) Unscientific and incomplete
(B) Incomplete but scientific
(C) Complete but unscientific
(D) A & B
10. : The subscription which is received in advance is called?
(A) Income
(B) Expense
(C) Asset
(D) Liability
11. : In which of the following item stock turn rate is low?
(A) Grocery
(B) Agent
(C) Jeweler
(D) All of the above
12. : If sports material is sold, then in which form is it treated?
(A) Expense
(B) Liability
(C) Asset
(D) Income
