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Total Questions : 842 | Page 23 of 85 pages
Question 221. Merchandise on hand at either the beginning or end of the accounting period is called
  1.    Raw material
  2.    Cost of goods sold
  3.    Work in progress
  4.    Inventory
 Discuss Question
Answer: Option D. -> Inventory
Question 222. Which of the following capital is taken up by the general public?
  1.    Issued capital
  2.    Subscribed capital
  3.    Authorized capital
  4.    Reserve capital
 Discuss Question
Answer: Option A. -> Issued capital
Question 223. Which of the following items of balance sheet are useful in evaluating a company's liquidity?
  1.    Current assets and other assets
  2.    Current liabilities and current assets
  3.    Current liabilities and plant and equipment
  4.    In current liabilities and other assets
 Discuss Question
Answer: Option B. -> Current liabilities and current assets
Question 224. Which of the following can be distributed among the shareholders?
  1.    Capital reserve
  2.    General reserve
  3.    Revaluation reserve
  4.    All of the above
 Discuss Question
Answer: Option B. -> General reserve
Question 225. Which of the following is non-profit organization?
  1.    Sole proprietorship
  2.    Partnership
  3.    Limited company
  4.    Trust
 Discuss Question
Answer: Option D. -> Trust
Question 226. Shares for which amount is paid by public are called ____ shares
  1.    Authorized
  2.    Paid up
  3.    Bonus shares
  4.    All of the above
 Discuss Question
Answer: Option B. -> Paid up
Question 227. Commercial accounting is based on
  1.    Single entry book keeping
  2.    Double entry book keeping
  3.    Both single and double entry book keeping
  4.    Cash basis of book keeping
 Discuss Question
Answer: Option B. -> Double entry book keeping
Question 228. In which of the following interim dividend is treated?
  1.    In profit and loss account
  2.    In profit and loss appropriation account
  3.    On the asset side of the Balance sheet
  4.    In trading account
 Discuss Question
Answer: Option B. -> In profit and loss appropriation account
Question 229. An asset that is NOT physical in nature is called
  1.    Intangible asset
  2.    Liquid asset
  3.    Current asset
  4.    Fixed asset
 Discuss Question
Answer: Option A. -> Intangible asset
Question 230. Which of the following documents contains rules and regulations for internal management of the business?
  1.    Memorandum of association
  2.    Articles of association
  3.    Prospectus
  4.    Statutory Declaration
 Discuss Question
Answer: Option B. -> Articles of association

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