B:-Sales account
C:-Purchase account
D:-None of the above
Correct Answer:- Option-C
Question39:-Source document for material transfer from one department to another is
A--Invoice
B:-Credit note
C:-Material transfer note
D:-Debit note
Correct Answer:- Option-C
Question40:-In which year the audit of companies in India was made compulsory ?

D:-1948

Correct Answer:- Option-C
Question41:-Which of the following highlights the correct order of the stages in the accounting cycle ?
A:-Journalizing, final accounts, posting to the ledger and trial balance
-Journalizing, posting to the ledger, trial balance and final accounts
C:-Posting to the ledger, trial balance, final accounts and journalizing
D:-Posting to the ledger, journalizing, final accounts and trial balance
Correct Answer:- Option-B
Question42:-Unearned Revenues is what type of account ?
A:-Liability
-Owners equity
C:-Asset
D:-None of the above
Correct Answer:- Option-C
Question43:-Accounting entries involve a minimum accounts.
A:-One
B:-Three
C:-Two
D:-Five
Correct Answer:- Option-C
Question44:-Stock in trade are to be recorded at cost or market price whichever is less is based on principle.
A:-Going concern
B:-Money measurement
C:-Cost concept
D:-Conservatism
Correct Answer:- Option-D
Question45:-Accounting is the process of matching.
A:-Revenue and costs
B:-Benefits and cost
C:-Cash inflow and out flow
D:-Potential and real performance
Correct Answer:- Option-B
Question46:-Which of the following event is subject matter of accounting ?
A:-Death of the manager of the company
B:-Strike of employees
C:-Marriage of daughter of MD of the company
D:-Payment of Salary Rs. 5,000
Correct Answer:- Option-D
Question47:-Any expense that gives benefit for a period of less than twelve months is called _
A:-Deferred expense
B:-Revenue expense
C:-Revenue receipt
D:-Capital expense
Correct Answer:- Option-C
Question48:-Prepaid rent given in the Trial Balance will be treated as a