Contents
#1. Sales book is useful for recording
#2. Bank Account is
#3. If Ram has sold goods for cash, the entry will be recorded
#4. In the journal, transactions are recorded on
#5. The Rule of Real Account is
#6. The Accounting convention does not include:
#7. GAAP stands for:
#8. Accounting cycle starts with the Journal and ends with
#9. Stock at the end is valued:
#10. Bank overdraft is shown as
#11. The underlying concept that supports the immediate recognition of loss is:
#12. The process of recording a transaction in the journal is called
#13. Debtors ?50,000. A provision for bad debts is created @ 5% according to which concept?
#14. An Amount which has become irrecoverable from the debtors and treating it a business loss is known as
#15. As per the accrual concept of accounting, any financial or business transaction should be recorded:
#16. The petty cashier generally works on the system.
#17. The technique of finding the net balance of an account after considering the totals of both debits and credits appearing in the account is known as
#18. If a trial balance totals do not agree, the difference must be entered in
#19. Long-term assets without any physical existence but, possessing value are called
#20. Unfavorable balance means?
#21. Journal is a book of
#22. The person who owes money to a business organization is known as --
#23. The total of the sales book is posted periodically to the credit of
#24. Basic object of National accounting is
#25. What is the order in which the accounting transactions and events are recorded in the books?
#26. Accounting provides data or information on
#27. Bank Reconciliation Statement is prepared by matching
#28. The debts which are to be repaid within a short period (a year or less) are referred to as,
#29. A note sent by the buyer on return of goods is
#30. The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
#31. After the preparation of ledgers, the next step is the preparation of
#32. Real account records
#33. When a check is not paid by the bank, it is called?
#34. The accounting cycle does not include:
#35. Going concern concept assumes that business enterprise has:
#36. In the journal, the business transaction is recorded in
#37. The monetary concept enables the accountant to record in the books of account:
#38. Double Accounting System owes its origin to:
#39. A narration is
#40. The account that records expenses, gains, and losses is
#41. The total of the purchase return book is posted periodically to the credit of
#42. Bookkeeping is mainly concerned with
#43. The main objectives of Book Keeping is:
#44. The proprietor of a business is treated as a creditor for capital introduced by him, according to:
#45. Assets are ?10,00,000 and liabilities are ?2,00,000. His capital would be:
#46. Final Accounts are prepared
#47. The three columns on each side of the columnar cash book contain:
#48. The Cash Book records
#49. As per the revenue recognition principle, sales revenues should be recognized at the time when?
#50. For measuring income, the most acceptable method is?
Results
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