QUESTIONS (20 X 0.5 1- The acquisition cost and other incidental costs involved in bringing the asset in working Incidental costs are freight, insurance, installation cost, repair cost, shipping charges etc. a. Residual value b. Balance sheet c. Total cost of Assets None of the above d. 2- Which type of expenses are paid out of trading account. a. Direct expenses b. Indirect expenses c. Both d. None of the above 3- From which of the following ledger account is prepared. a. Transaction b. Journal c. Trial Balance d. None of the above 4- Depreciation is calculated on a. Market value b. Cost of assets c. Scrape value d. All the Above 5- Which is the example of business liability a. Land b. Building c. Creditors d. Cash 6- A net profit is calculated from which of the following. a. Balance sheet b. Profit and loss account c. Trading account d. Trial balance 7- External users are the persons other than internal users they are--- a. Investor b. Manager c. Board of Director d. All the above