1) Accounting provides information on? a) Cost and income for managers b) Company’s tax liability for a particular year c) Financial conditions of an institution d) All of the above 2) The long term assets that have no physical existence but are rights that have value is known as? a) Current assets b) Fixed assets c) Intangible assets d) Investments 3) The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as? a) Current assets b) Fixed assets c) Intangible assets d) Investments 4) Patents, copyrights, and trademarks are? a) Current assets b) Fixed assets c) Intangible assets d) Investments 5) Which is not a type of liability? a) Short term b) Current c) Non-current d) Contingent 6) The liabilities that are payable in more than a year and are not be liquidated from current assets? a) Current liabilities b) Non-current liabilities c) Contingent liabilities d) All of the above 7) The debts, which are to be repaid within a short period (year or less) are known as? a) Current liabilities b) Non-current liabilities c) Contingent liabilities d) All of the above 8) The sales income (Credit and Cash) of a business during a given period is called? a) Transactions b) Sales returns c) Turnover d) Purchase returns 9) Any written evidence in support of a business transaction is called? a) Journal b) Ledger c) Ledger posting d) Voucher 10) The accounts that record expenses, gains, and losses are? a) Personal accounts b) Real accounts c) Nominal accounts d) None of the above

Fundamentals of Accounting

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