1331. An amount paid to a person for exploiting rights possessed by him is called as :

A. Excise duty
B. Octroi duty
C. Royalty *
D. Wages

1332. The nominal accounts are transferred to the :

A. Profit and loss account *
B. Balance sheet
C. Position statement
D. Statement of financial condition

1333. The real or personal accounts goes to the :

A. Profit and loss account
B. Trading account
C. Income statement
D. Balance sheet *

1334. The dues imposed on ships and their cargoes when they are unloaded on the part are called :

A. Excise duty
B. Octroi duty
C. Dock charges *
D. Clearing charges

1335. Dock charges is a :

A. Indirect expense
B. Direct expense *
C. Direct income
D. Indirect income

1336. All the direct expenses debited to the :

A. Profit and loss account
B. Balance sheet
C. Trading account *
D. Income statement

1337. All the indirect expenses debited to the :

A. Profit and loss account *
B. Trading account
C. Balance sheet
D. None of the above

1338. The excess of the net income from sales over the cost of goods sold is called :

A. Cost of good sold
B. Gross profit *
C. Net profit
D. Operating profit

1339. The excess of gross profit on sales over total operating,expenses is called :

A. Cost of good sold
B. Gross profit
C. Net profit *
D. Non-Operating income

1340. The account which is prepared for determining gross profit or gross loss ofa business concern is called :

A. Balance Account
B. Trading Account *
C. Bank statement
D. Cash statement