ANSWER ALL QUESTIONS: - chose the right answer.

note: - need the answer as fast as passable. i will rate the answer as helpful.

41. Cost of goods sold= opening stock+ net purchases+ expenses on Purchases - sales

which part of formula is wrong?

A. opening stock

B. net purchases

C expenses on Purchases

D. sales

42. All those to whom business owes money are:

A. Debtors

B. Investors

C. Creditors

D. Shareholders

43. If loan have been guaranteed by managers and directors is called as

A. Loan

B. Unsecured Loan

C. Secured Loan

D. Advance by Manager & director

44. Opening stock + ______________ + Direct Expenses (Carriage on Raw material)-Closing Stock = ______________

A. Sales, Purchases

B. Sales, Sales return

C. Purchases, Cost of goods produced

D. Purchases, Cost of goods sold

45. The revenue recognition principal dictates that all types of incomes should be recorded or recognized when

A. Cash is received

B. At the end of accounting period

C. When they are earned

D. When interest is paid

46. Which ONE of the following would NOT be regarded as a responsibility of the IASB?

A. Responsible for all IFRS technical matters

B Publish IFRSs

C. Overall supervisory body of the IFRS organisations

D. Final approval of interpretations by the IFRS Interpretations Committee

47. If the total assets of the company amount to $150,000 and owner's equity is

$ 70,000,the amount of liab

A. $70,000

B. $ 80,000

C. $90,000

D.$ 100,000

48. The system of recording transaction based on dual aspect concept is called

A. Double account system

B. Double entry system

C. Single entry system

D. None of these

49. The convention of conservatism is applicable

A. In providing for discount on creditors

B. In making provision for bad doubtful debts

C. Providing depreciation

D. None of these

50. Basic assumptions or conditions upon which the science of accounting is based.

A. Accounting convention

B. Accounting concepts

C. Accounting principles

D. None of these.

51. Which of the following is time span into which the total life of a business is divided for the purpose of preparing financial statements?

A. Fiscal year

B. Calendar year

C. Accounting period

D. Accrual period

52. According to which concept business is treated as a unit apart from owner

A. Dual concept

B. Divider concept

C. Entity concept

D. Landlord concept

53. The reduction in the value of the fixed assets which can arise due to time factor is

A. Discount

B. Depreciation

C. Reduction

D. None of the above

54. Which of the following should not be called sales?

A. Good sold on credit

B. Office fixtures sold

C. Sale of item previously included in purchase

D. Good sold for cash

55. Which of the following is not regarded as the fundamental accounting concept?

A. The going concern concept

B. The separate entity concept

C. The prudence (conservatism) concept

D. Correction concept

56. Which of the following account balance will be shown on debit side of Trial Balance?

A. Outstanding expenses

B. Cash a/c

C. Short term loan

D. creditors

57. Profit from sale of assets is example for-

A. Revenue Profit

B. Capital Profit

C. Loss

D. None of these

58. Those liabilities which arise only on the happening of some event are called

A. Current liabilities

B. Outstanding liabilities

C. Deferred liabilities

D. Contingent liabilities

59. Income statement comes under the category of

A. Point in time statement

B. Period statement

C. Date statement

D. Reporting Statement

60. Which of the following is not component of financial report?

A. Balance sheet

B. Notes of the account

C. Comparative figure of previous period

D. None of the given option