Accounting For Managers 91. The basic concepts related to p& l a/c are:
Realization Concept Matching Concept Cost Concept Both a and b above View answer Correct answer: (D)
92. All those to whom business owes money are:
Debtors Investors Creditors Shareholders View answer Correct answer: (C)
93. All direct & indirect expenses related to business are charged:
Profit and loss account Trading account Trading account Profit and Loss account Directly to Balance sheet View answer Correct answer: (C)
94. If loan have been guaranteed by managers and directors is called as
Loan Unsecured Loan Secured Loan Advance by Manager & director View answer Correct answer: (C)
95. Opening stock + ______________ + Direct Expenses (Carriage on Raw material)-Closing Stock = ______________
Sales, Purchases Sales, Sales return Purchases, Cost of goods produced Purchases, Cost of goods sold View answer Correct answer: (C)
96. Carriage outward is charged to
Debit side Profit & Loss a/c Debit side Trading a/c Credit side of Profit & Loss a/c Credit side of trading a/c View answer Correct answer: (A)
97. Credit balance of profit & loss a/c shown on
Asset side of balance sheet Liability side of balance sheet Not shown in balance sheet Half on asset side and half on liability side View answer Correct answer: (B)
98. Outstanding expenses are charged to
Asset side of balance sheet Liability side of balance sheet Not charged to balance sheet None of these View answer Correct answer: (B)
99. Which of the following is a liability?
Loan from Mr.Y loan to Mr.y Both (a) (b) None of these View answer Correct answer: (A)
100. The revenue recognition principal dictates that all types of incomes should be recorded or recognized when
Cash is received At the end of accounting period When they are earned When interest is paid View answer Correct answer: (C)