Highlight the Correct options
1. A large organization with separate legal status is known as:
a) Limited Company
b) Sole proprietorship
c) Partnership
d) None of the given options
2. Which one of the following concept may be stated as "for every debit, there is a credit"?
a. Separate Entity Concept
b. Dual Aspect Concept
c. Money Measurement Concept
d. Accounting Period Concept
3. The accounting system, in which accounting entries are made on the basis of amount having become due for payment or receipt, is known as:
a) Cash system of accounting
b) Current accounting period
c) Accrual system of accounting
d) None of the given options
4. Assets which have no physical existence and which cannot be seen, touched or felt are called:
a) Current assets
b) Tangible assets
c) Fictitious assets
d) Intangible assets
5. If the Gross profit is Rs. 5,000 and the net profit is 25% of the Gross profit. The expenses must be:
a) Rs.3,750
b) Rs.1,250
c) Rs.4,150
d) Rs.6,250
6. If the profit is 1/4 of the sales then it is:
a) 1/4 of the cost price
b) 1/3 of the cost price
c) 1/5 of the cost price
d) 1/2 of the cost price