191. Computers taken on hire by a business for a period of twelve months should be classified as:___________?
A. Current assets
B. Intangible assets
C. Deferred revenue expenditure
D. Not an asset

192. Which of the following is not an intangible asset?
A. Trade mark
B. Franchise
C. Accounts Receivable
D. Secret Profit

193. Which of the following is a current liability?
A. Prepaid expenses
B. Trademark
C. Discount on issue of shares
D. Outstanding Salaries

194. Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?
A. Business entity concept
B. Money measurement concept
C. Going concern concept
D. Matching concept

195. Which of the following is not a contingent liability?
A. Debts included in Sundry Debtors which are doubtful in nature
B. Uncalled liability on partly paid shares
C. Claims against the company not acknowledged as debts
D. Arrears of fixed cumulative dividend

196. Which of the following are current assets of a business?
i. Income received in advance
ii. Stock
iii. Debtors
iv. Pre-paid expenses
v. Accrued income
A. Both (i) and (iv) above
B. Both (ii) and (iii) above
C. (i),(ii) and (iii) above
D. (ii),(iii),(iv) and (v) above

197. Closing entries are generally passed:
A. At the time of opening new books of account
B. At the time of closing the accounts
C. During the course of accounting period any time
D. After certification of accounts

198. Closing stock appearing in the Trial Balance is shown in:
A. Trading A/c and Balance Sheet
B. Profit and Loss A/c
C. Balance Sheet only
D. Trading A/c only

199. Depreciation Account appearing in the Trial Balance is shown in:
A. Profit and Loss A/c
B. Trading A/c
C. Deducted from the concerned assets A/c
D. Shown on the liability side

200. Profit on sale of old plant is:___________?
A. In Trading A/c
B. In Profit and Loss Appropriation A/c
C. Profit and Loss A/c
D. Being a non operating item ignored

NOTE
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