GENERAL ACCOUNTING PRINCIPLES (GENERAL STUDIES)

Total Questions: 50

1. The long term assets that no physical existence but are rights that have value is known as

Correct Answer: (c) Intangible assets

2. The debts which are to be repaid within a short period (year or less) are known as

Correct Answer: (a) Current liabilities

3. The sales income (Credit and cash) of a business during a given period is called

Correct Answer: (c) Turnover

4. The account that records expenses, gains and losses is

Correct Answer: (c) Nominal account

5. Real account records

Correct Answer: (b) Dealings in commodities

6. Accounting furnishes data on,

Correct Answer: (d) All of the above

7. The long term assets that have no physical existence but, possess a value is known as,

Correct Answer: (c) Intangible assets

8. The assets that can be easily converted into cash within a short period (i.e., 1 year or less is known as,

Correct Answer: (a) Current assets

9. Copyrights, Patents and Trademarks are,

Correct Answer: (c) Intangible assets

10. The debts which are to be repaid within a short period (a year or less) are referred to as,

Correct Answer: (a) Current Liabilities