FUNDAMENTALS OF COMMERCE UNIT-3

Contents

#1. 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

#2. The Accounting convention does not include:

#3. Assets purchased for credit are recorded in which of the following books?

#4. Real account records

#5. Capital expenditure is incurred

#6. The debts which are to be repaid within a short period (a year or less) are referred to as,

#7. Which concept requires that those transactions which can be expressed in terms of money should be recorded in books of account?

#8. In the journal, the business transaction is recorded in

#9. Financial statements users include:

#10. Which accounting principle states that companies and owners should be treated as separate entities?

#11. Debit the receiver and credit the giver rule for

#12. Journal is a book of

#13. Assets are ?10,00,000 and liabilities are ?2,00,000. His capital would be:

#14. The accounting cycle does not include:

#15. Basic object of management accounting is

#16. A note sent by the buyer on return of goods is

#17. The main objectives of Book Keeping is:

#18. The Rule of Real Account is

#19. Copyrights, Patents, and Trademarks are examples of

#20. When a check is not paid by the bank, it is called?

#21. Goodwill is:

#22. A bank reconciliation statement is prepared by?

#23. The nature of financial accounting is

#24. The correct form of the accounting equation is

#25. The monetary concept enables the accountant to record in the books of account:

#26. Long-term assets without any physical existence but, possessing value are called

#27. Salaries outstanding come under which account

#28. The underlying concept that supports the immediate recognition of loss is:

#29. Financial Statements are a part of:

#30. The proprietor of a business is treated as a creditor for capital introduced by him, according to:

#31. The account that records expenses, gains, and losses is

#32. A narration is

#33. Fixed assets are kept in the business

#34. Matching concept means:

#35. Any amount for which the business is liable to pay to other parties is

#36. Salaries outstanding comes under which account

#37. Double Accounting System owes its origin to:

#38. Trial Balance is a

#39. Subsidiary books are the book of

#40. Purchases book records:

#41. Bank Account is

#42. A trial balance is prepared to

#43. After the preparation of ledgers, the next step is the preparation of

#44. Sales book is useful for recording

#45. Any amount for which the business is liable to pay to other parties is

#46. Ledger is a book of

#47. Bank Reconciliation Statement is prepared by matching

#48. GAAP stands for:

#49. Debtors ?50,000. A provision for bad debts is created @ 5% according to which concept?

#50. The total of the sales book is posted periodically to the credit of

Finish

Results

-