Basic Terminology Quiz 3 – Punjab Meritorious School Preparation Portal

Welcome to your BASIC TERMINOLOGY QUIZ 3 CBT TEST

Fill the Details mentioned below and Attempt the Test.

Name

School Name with City

Phone Number

Which of the following term increases capital?

Drawings

Expenses

Loss

Profit

Stock is valued at

Cost or Net Realisable Value (Market Value), whichever is lower

Cost or Net Realisable Value (Market Value), whichever is higher

Cost

Net Realisable Value (Market Value)

The nature of capital is

An asset

A liability

An income

An expense

Sale is recognized as revenue

When the contract for sale is entered into

At the point of sale or performance of service

After the expiry of credit period allowed to debtors.

After the money collected from the customers.

Trade Discount allowed

is shown separately in the books of account.

is not shown separately in the books of account.

can be shown either separately or deducted from purchase cost.

None of the above.

Which of the following transaction is not of financial character?

Purchase of asset on credit

Purchase of asset for cash

Withdrawing of money by proprietor from business

Strike by employees

Goods means

Items purchased for own consumption

Items purchased for donation

Items purchased for resale

Items purchased for use in business

A firm earns a revenue of ₹ 21,000 and the expenses to earn this revenue are ₹ 15,000 Calculate its income

₹4000

₹6000

₹5000

₹2000

Purchase refers to the buying of

Stationary for office use

Assets for the factory

Goods for resale

Investment

The nature of accrued income is

Revenue.

Liability

Expenses

Asset

Please fill in the comment box below.

Time is Up!

Time's up