1341. The account which is prepared for determining net profit or net loss:

A. Personal Account
B. Real Account
C. Profit and loss account *
D. Trading account

1342. The total operating expenses is equal to :

A. Gross profit + selling expenses
B. Selling expenses + General expenses *
C. Selling expenses +General expenses
D. Gross profit -General expenses

1343. The statement of assets ,liabilities and owner’s equity (Capital) on a particular date is called :

A. Balance sheet *
B. Income statement
C. Bank statement
D. Cash statement

1344. The order in which assets and liabilities are stated on the balance sheet is termed as :

A. Liquidity
B. Realizability
C. Marshalling *
D. None of the above

1345. All the things and properties under the ownership of the business is called :

A. Liabilities
B. Assets *
C. Incomes
D. Capital

1346. Our dues to others or anything against which we are to pay money or render service, is known as :

A. Owner’s equity
B. Asset
C. Liability *
D. Expenses

1347. Balance sheet reveals the financial position of a concern on a particular date at a point of time, so it is called :

A. Income statement
B. Accounting statement
C. Balance statement
D. Position statement *

1348. Asset which have some market value are called :

A. Real assets *
B. Fictitious assets
C. Current assets
D. liquid assets

1349. Assets which have long life and which are bought for use for a long period of time are called :

A. Current assets
B. Fixed assets *
C. Fictitious assets
D. Wasting assets

1350. Assets which have physical existence and which can be seen, touched and felt are called :

A. Current assets
B. Intangible assets
C. Tangible assets *
D. Fictitious assets