Which of the following is NOT an example of Current Asset
1.The amount of salary paid to Mr. Sohail should be debited to:
A) Mr. Sohail account
B) Salaries account
C) Cash account
D) Drawings account
2.Which of the following accounts will be credited, if business bought goods on credit from Mr. Ali?
A)Purchases account
B)Mr. Ali account
C)Cash account
D)Sales account
3.The unfavorable balance of Profit and Loss account should be:
A) Added in liabilities
B) Subtracted from current assets
C) Subtracted from liabilities
D) Subtracted from capital
4.Which of the following is NOT an example of Current Asset?
A) Bank Overdraft
B) Accounts Receivable
C) Notes Receivable
D) Prepaid Expenses
5.The value of inventories or stock is figured out at the lower of cost and
A) purchase price
B) opportunity cost
C) realizable value
D) net realizable value
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