(A) Cost of goods sold + Opening stock
(B) Sales – cost of goods sold
(C) Sales – Purchases
(D) Net profit – expenses
The answer is (B) Sales – cost of goods sold
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
The answer is (A) Current Liabilities
Copyrights, Patents and Trademarks are examples of
(A) Current assets
(B) Fixed assets
(C) Intangible assets
(D) Investments
The answer is (C) Intangible assets
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
The answer is (A) Current assets
Long term assets without any physical existence but, possessing a value are called
(A) Intangible assets
(B) Fixed assets
(C) Current assets
(D) Investments
The answer is (A) Intangible assets
Accounting provides data or information on
(A) Income and cost for the managers
(B) Financial conditions of the institutions
(C) Company’s tax liability for a particular year
(D) All the above
The answer is (D) All the above
As per the ‘Indus Water Treaty – 1960’ between India and Pakistan, on which rivers water does India have an absolute claim?
(A) Indus, Chenab and Jhelum
(B) Ravi, Beas and Sutlej
(C) Jhelum, Sutlej and Chenab
(D) Jhelum, Sutlej and Chenab
The answer is (B) Ravi, Beas and Sutlej
Who is currently the world champion of Cricket T20?
(A) Pakistan
(B) England
(C) Australia
(D) India
The answer is (D) India
The Corruption Perception Index is published by
(A) United Nations
(B) European Union
(C) Amnesty International
(D) Transparency International
The answer is (D) Transparency International
The world’s largest producer of palm oil is
(A) Malaysia
(B) Indonesia
(C) Thailand
(D) Nigeria
The answer is (B) Indonesia