Online Practice Tests of Accounting / Account Branch

The following is a statement showing the financial status of the comapany at any given time

The maximum number of partners in Pakistan can be fixed at the following:

Which of the following accounts are closed at the end of an accounting period?

Interest in drawings is regarded as

If a firm has paid super-tax, its partners may follow any one of the following behaviours:

The correct form of Accounting equation is

Capital increases if _________ increases?

Which of the following accounts is prepared to find out the cost of production?

A machine price was $1,000 and was carried through a truck. The truck’s fares were $500. The engineers charged $500 for the installation. The cost of the machine is?

Prepaid Insurance A/cis ___ A/c

Which is the most important characteristic that all assets of a business have?

A credit balance remaining in FOH Control account is called:

Advance payments are recognized as

Which of the following business entity is considered as a “legal person” in the eye of law?

___is the art of recording, classifying, and summarizing in a significant manner, and in terms of money transactions and events which are in part at least, of a financial character and interpreting the results thereof.

Trial balance is commonly prepared?

Short term Loan can be best described as:

Keeping the log of financial information in books of original entries is called__________?

The account that records expenses, gains and losses is

Sales and purchase journal don’t record__________?

Preparation of annual report of a firm is governed under:

Acid Test Ratio is calculated as under:

The first step in accounting process is___________?

Obligation of the Business are known as___________?

Which of the following expenses will be shown in the Profit and Loss Account?