2. On a 120 km lo g track, a train covered first 30 km with a speed of 30 km/hr. How fast the train
covered the remaining distance so as to have average speed of 60km/hr.
Answers
Explanation:
1.
Incomplete records are generally maintained by
a) a company
b) Government
c) Small sized sole traders business
d) Multinational enterprises
2.
Statement of affairs is a
o a) Statement of income and expenditure
by Statement of assets and liabilities c) Summary of cash transaction d) Summary of credit transactions
3.
Opening statement of affairs is usually prepared to find out the
acapital in the beginning of the year
b) capital at the end of the year
c) profit made during the year
d) Loss occurred during the year
4. The excess of assets over liabilities is
a) Loss
b) cash
c) capital
d) profit
5.
Income and expenditure account is a
a) Nominal Alc
b) Real Alc
c) Personal A/C d) Representative personal
6., Which of the following should not be recorded in the income and expenditure account?
a) sale of old news papers
b) Loss on sale of asset
c) Honorarium paid to the secretary
d) sale proceeds of furniture
7. Subscription due but not received for the current year is
a) an asset
b) A liability c) An expense d) An item to be ignored
8. Legacy is a
a) Revenue expenditure b) Capital expenditure c) Revenue receipt d) capital receipt
9.
In the absence of an agreement among the partners, interest on capital is a) Not allowed
b) allowed at bank rate c) Allowed @ 5% per annum
d) Allowed @ 6% per annum