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‏ا‎ R 015/2016

38. "5018 of Exchange” appearing on a Bill of Exchange means that
A) Bill drawn in a set
B) Foreign bills having no documents attached
C) Bills have not been drawn in a set
D) Bills having certain documents attached

40. Inwhich method of pricing, stock is valued at current selling price less estimated
profit margin and less the estimated cost of disposal ?
A) Specific price method
B) Average price method
C) Standard price method
D) Adjusted selling price method

41. The total sales of a trader during a given period is known as
A) Tumover B) Output
C) Revenue D) Income

42. Excess of purchase price over selling price is
A) Gross profit B) Net profit
C) Gross loss D) Net loss

43. 11170 firm's capital is Rs. 10,000, liabilities are Rs. 2,000, then the total assets
of the firm will be

ക) 85. 14,000 8) ೧6. 12,000
C) Rs. 8,000 D) Rs. 22,000
44. Preliminary expense is an example of which type of assets ?
A) Current assets B) Fixed assets
C) Intangible assets D) Fictitious assets

45. Income tax paid by a sole proprietor on his business income should be
A) Debited to Trading Account
B) Debited to Profit and Loss Account
C) Deducted from capital in Balance Sheet
D) Deducted from Cash Account in Balance Sheet

46. When goods are returned to the supplier, which document is sent to him 2
A) Debit note 8) Credit note
C) Columnar journals D) Both debit note and credit note

A ॐ