(C) Fill in the blanks with appropriate alternative given in the brackets.

1. The gross profit is transferred to __________ account.  (a) trading  (b)  profit and loss   (c)  capital  (d)  current
profit and loss

2. Wages paid for installation of machinery should be debited to __________ account.  (a)  machinery  (b)  wages   (c)  trading  (d)  profit and loss

3. All indirect expenses are debited to ___________ account.  (a) trading  (b) capital   (c)  profit and loss  (d)  current
profit and loss

4. A statement showing finacial position of the business is called as __________.  (a) Balance sheet  (b)  trial balalnce   (c)  capital  (d)  trading a/c
balance sheet

5. To find out net profit or net loss of the business ___________ account is prepared.  (a) trading  (b)  capital   (c) current  (d)  profit and loss
profit and loss

6. A _____________ is an intangible asset. (a) goodwill  (b)  stock  (c)  building  (d)  cash

7. Trading account is prepared on the basis of ____________ expenses. (a) indirect  (b)  direct  (c)  revenue  (d)  other

8. The interest on drawings is transferred to __________ side of the profit and loss account. (a) debit  (b)  credit  (c)  asset  (d)  liability

9. Final accounts are prepared on the basis of __________ and adjustments. (a) trial balance  (b)  capital a/c  (c)  trading A/c  (d)  profit & loss A/c
trial balance

10. ____________ is the list of all ledger balances. (a) balance sheet  (b)  trial balance  (c)  trading A/c  (d)  profit & loss A/c
Trial balance

11. Return outward are deducted from _____________. (a) purchases  (b)  sales  (c)  capital  (d)  debtors

12. The withdrawals of partner from the business for their personal use is called as _________. (a) capital  (b)  profit  (c)  drawings  (d)  cash

13. Income received in advance is shown on the ___________. (a) debit  (b)  credit  (c)  asset  (d)  liability

14. Prepaid expenses are shown on the _________ side of the Balance sheet. (a) assets  (b) l iability  (c)  debit  (d)  credit

15. Profit & Loss Account is _____________ account (a)  Real  (b) nominal  (c) income  (d)  Personal

16. _____________ is a financial statement (a)  Income  (b)  Trading a/c   (c)  balance sheet  (d)  Profit & loss a/c
Balance Sheet

17. A provision made for debts irrecoverable from the debtors is called _____________. (a)  bad debts  (b)  reserve for discount on debtors  (c)  reserve for doubtful debts  (d) additional new bad debts
reserve for doubtful debts

18. _____________ is notional loss of the business. (a)  uninsured goods  (b)  goods destroyed by fire  (c)  depreciation  (d) loss from sale of asset

19. _____________ a/c prepared by producers to find cost of production. (a)  Manufacturing  (b)  Trading  (c)  Purchase  (d)  Profit & loss
Manufacturing a/c

20. Wages & salaries are debited to _____________ account (a)  Profit & loss  (b)  trading a/c  (c)  expense a/c  (d)  salary a/c
Trading a/c

21. _____________ a/c & _____________ a/c are recorded to balance sheet (a)  profit & loss  (b)  nominal, personal  (c)  real, nominal  (d)  real, personal
Real, Personal

22. _____________ are intangible assets and do not have realisable value. (a)  Good will  (b)  profit & loss (dr bal)  (c)  Trade-mark  (d)  Copy right.

Profit & loss (dr bal)

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