931. Any dealing between two persons or things is called
A. Transaction
B. Introduction
C. Meeting
D. Seminar

932. The term expense and expenditure are
A. Same
B. Different
C. Opposite
D. None of these

933. Long term assets having no physical existence but, possessing a value are called
A. Intangible assets
B. Fixed assets
C. Current assets
D. Investments

934. The assets that can be easily 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

935. Copyrights, Patents and Trademarks are,
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments

936. The debts which are to be repaid within a short period (a year or less) are referred to as,
A. Current Liabilities
B. Fixed liabilities
C. Contingent liabilities
D. All the above

937. Gross profit is
A. Cost of goods sold + Opening stock
B. Excess of sales over cost of goods sold
C. Sales fewer Purchases
D. Net profit fewer expenses of the perio

938. Net profit is computed in the
A. Profit and loss account
B. Balance sheet
C. Trial balance
D. Trading account

939. In order to find out the value of the closing stock during the end of the financial year we,
A. do this by stocktaking
B. deduct the cost of goods sold from sales
C. deduct opening stock from the cost of goods sold
D. look in the stock account

940. Which of these best explains fixed assets?
A. Are bought to be used in the business
B. Are expensive items bought for the business
C. Are items which will not wear out quickly
D. Are of long life and are not purchased specifically for resale

NOTE
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