Question 3 :
Amount withdrawn by the owner for his personal expenses is called______. 

Question 6 :
<table class="wysiwyg-table"><tbody><tr><td>Sales<br> Rs.</td><td>Opening Stock<br> Rs.</td><td>Purchases<br> Rs.</td><td>Closing Stock<br> Rs.</td><td>Cost of goods sold<br> Rs.</td><td>Gross Profit<br> Rs.</td><td>Trading Expenses<br> Rs.</td><td>Net Profit<br> Rs.</td></tr><tr><td>30,000</td><td> 12,000</td><td> 20,000</td><td> ?</td><td> 18,000</td><td> ?</td><td> 8,000</td><td> ?</td></tr></tbody></table>From the above answer following :<br>(i) Gross profit will be

Question 10 :
If the premium is paid on the life policy of the proprietor of the business, it is _____________.

Question 12 :
If sales are $Rs. 6,00,000$; Gross profit is $1/3$ on cost; Purchases are $Rs. 4,90,000$ and the Closing stock is $Rs. 90,000$, then the opening stock will be_________.&#160;

Question 13 :
_______ is a liability that results from a purchase of goods or service.

Question 14 :
The cost of inventory as per physical verification as on 24th March was Rs.4,00,000. Goods are sold at a profit of 25% on cost .<br/>On, 27th January goods of the sale value of Rs.1,00,000 were sent on sale or return basis to customer, the period of approval being two weeks.He returned 20% of the goods on 31st March.<br/>The cost of inventory as per book will be ?

Question 15 :
What time would be taken into consideration for calculation of interest on drawings if equal monthly amount is drawn as drawing at the beginning of each month ?

Question 18 :
Total amount of goods and services withdrawn by the proprietor for self use&#160;is known as ____________ .<br/>

Question 19 :
If directors have given guarantee for some unsecured loan of the company and directors have to pay it, then directors for such loan are treated as _______________.

Question 22 :
__________ are costs which have been applied against revenue of particularaccounting period.

Question 24 :
State True or False.<br/>Goods is a commodity which is purchased for self use.&#160;

Question 25 :
Cost of stock as per books is Rs.2,38,000 <br/>Goods purchases for Rs.10,000 received but omitted to be recorded<br/>Goods costing Rs.20,000 were sold &amp; delivered but omitted to be recorded <br/>Goods costing Rs.5,000 were returned by customers but omitted to be recorded. <br/>Goods costing Rs.3,000 were returned to suppliers but omitted to be recorded. <br/>The value of physical inventory is ___________.

Question 26 :
Which of the following would give the assurance that debtors mentioned on the date of balance sheet actually exist?

Question 28 :
A commodity in which a trader deals is known as ______.<br/>

Question 29 :
Insurance Regulatory and Development Authorities Act come in to effect in ____________.<br/>

Question 31 :
Which ledger entries record the purchase of a machine bought on credit?

Question 32 :
Under inflationary conditions, which of the following methods will have highest value&#160; of closing stock ?

Question 33 :
Finally, the bonds and debentures (debt) can be issued at ___________.

Question 35 :
Goods returned to X for Rs. 5000 recorded in Purchase book as Rs. 5500. This ______.

Question 36 :
Ashok a cloth merchant buys cloth for Rs. $50,000$ paying cash Rs. $20,000$. What is the amount of expense as per accrual concept?

Question 38 :
An amount of Rs.25000 spent on a lawyer's fees to defend a suit for infringement of patent rights is_________.

Question 39 :
Bharat Indian oil is a bulk distributor of petrol . A periodic inventory of petrol on hand is taken when the book are closed at the end of each month. The following summary of information is available for the month:<br/>Sales between 2nd and 29th June Rs.9,45,000<br/>General administration cost&#160; &#160;Rs.25,000<br/>Opening Stock :1,00,000 litres @ Rs.3 per litre Rs.3,00,000<br/>Purchases (including freight inward):<br/>June 1&#160; &#160;2,00,000 litres @ Rs 2.85 per litre<br/>June 30 1,00,000 litres @ 3.03 per litre<br/>June 30 Closing stock 1,30,000 litres.<br/>The amount of cost of goods sold for June using LIFO Method is _________________.

Question 40 :
If the net assets are in excess of the purchase price, the difference is __________________.

Question 42 :
Ascertain gross profit from the following figures.<table class="wysiwyg-table"><tbody><tr><td></td><td>Rs.</td></tr><tr><td>Opening stock</td><td>$5,570$</td></tr><tr><td>Purchase</td><td>$13,816$</td></tr><tr><td>Sales</td><td>$15,248$</td></tr><tr><td>Purchase returns</td><td>$390$</td></tr><tr><td>Returns inward</td><td>$524$</td></tr><tr><td>Wages paid</td><td>$1400$</td></tr><tr><td>Import charges</td><td>$250$</td></tr><tr><td>Closing stock</td><td>$8,880$</td></tr></tbody></table>

Question 43 :
A person to whom money is owed by the business __________________.

Question 44 :
From the following information, find out the missing information.<br>Opening stock - Rs. $50,000$, Closing stock - Rs. $1,50,000$, Sale - Rs. $16,00,000$, Gross profit ratio is $25\%$ on sales. Purchases $=$?<br>

Question 45 :
The withdrawal of goods from the business by the&#160; proprietor should be debited to ______________.

Question 46 :
Drawings made by the owner of the business decreases its equity.<br/>

Question 47 :
A businessman purchases goods worth $Rs.25,00,000$ and sold $80\%$ of such goods during the accounting year ending on $31$st March, $2011$. The market value of the remaining goods was $Rs.7,50,000$. He valued the closing stock @ $Rs.5,00,000$ and not at $Rs.7,50,000$ due to ___________.

Question 49 :
Cost of goods purchased for resale is an example of __________.

Question 50 :
Insurance expenses paid to bring an equipment from the place of purchase to the place of installation is a type of ____________.