1401. Patents and dies are the examples of :

A. Tangible assets
B. Intangible assets *
C. Contingent assets
D. Outstanding assets

1402. If the closing stock appears in the trial balance, it taken only to the :

A. Trading account
B. Balance sheet *
C. Profit and loss account
D. Both trading account and balance account

1403. A claim which can be enforced the assets of the firm in the court is called :

A. Assets
B. Equity *
C. Liability
D. Creditor

1404. Net profit transferred :

A. Capital account *
B. Creditor account
C. Cash account
D. Drawing account

1405. Net loss is credited to :

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

1406. Sales discount is debited to :

A. Trading account
B. Balance sheet
C. Profit and loss account *
D. A profit and loss account as well as a trading account

1407. Gross loss is debited to :

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

1408. Wages and salaries are debited to :

A. Trading account *
B Profit and loss account
C. Balance sheet
D. Both trading account and balance sheet

1409. Gross profit is credited to :

A. Trading account
B. Profit and loss account *
C. Balance sheet
D. Both trading and profit and loss account

1410. Closing stock is credited to :

A. Profit and loss account
B. Trading account *
C. Balance sheet
D. Both trading and profit and loss account