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accounts

Question No Question
Question No. 1 One of the following is not the purpose of accounting
Option A
To calculate liablity
Option B
To ascertain profit or loss
Option C
To show good profits
Option D
To Keep the record of business transactions



Question No. 2 The policy of anticipate no profits and provide for all possible losses arises due to
Option A
Consistency concept
Option B
Conservatism Concept
Option C
Disclosure Concept
Option D
Time Period Concept



Question No. 3 Accural basis of accouning is based on
Option A
Consistency Concept
Option B
Matching Concept
Option C
Disclosure Concept
Option D
Time Period Concept



Question No. 4 Which one of the following is correct
Option A
Net Worth = Capital + Assets
Option B
Net Worth = Capital - Assets
Option C
Net Worth = Assets - Liability
Option D
Net Worth = Capital + Libility



Question No. 5 Journal is the
Option A
Book of original entry
Option B
Final statement
Option C
Permanent Record
Option D
Incomplete Record



Question No. 6 Double Entry means
Option A
Same Aspect is entered twice
Option B
Entry is made in two sided of books
Option C
Both the aspects of the transaction are recorded
Option D
Two Persons record the transaction



Question No. 7 All the ledger accounts tabulated in summary form is known as
Option A
Ledger Summary
Option B
Trial Balance
Option C
Reconciliation Statement
Option D
Balance Sheet



Question No. 8 The comparison of one accounting period with tht in the past is possible only when the _________ concept is followed
Option A
Consistency Concept
Option B
Cost Concept
Option C
Time period Conept
Option D
Going Concern Concept



Question No. 9 Which of the following is not a captial expenditure for a business man selling garments
Option A
Purchase of land to construct the shop
Option B
Purchase of old computer for use in the office
Option C
Repair of a recently purchased second hand car before using it
Option D
None of the above



Question No. 10 On which of the following assets depereciation is not provided
Option A
Land
Option B
Building
Option C
Plant
Option D
Furniture



Question No. 11 Purchase of plant for cash
Option A
Decreases total assets
Option B
Increases total assets
Option C
Keeps the total assets unchanged
Option D
None of the above



Question No. 12 The method used to find out what profit a petty trader has made is
Option A
The straight line method
Option B
The reducing balance method
Option C
The control accounts method
Option D
The increased net worth method



Question No. 13 One of the following is not a correct statement
Option A
Debit the reciever
Option B
Credit what comes in
Option C
Credit the giver
Option D
Debit all assets



Question No. 14 According to Generally Accepted Accounting Principles
Option A
Adequate cash must be kept
Option B
Losses should be provided fpr
Option C
Profits can be anticipated and accounting for
Option D
Undertake only those activities which result in profits



Question No. 15 which of the following is a revenue expenditure
Option A
Land purchased
Option B
Salary paid
Option C
Building Pruchased
Option D
Goodwill Purchased



Question No. 16 Payment received from the debtor
Option A
Decreases the total assets
Option B
Increases the total assets
Option C
Increases the total liabilities
Option D
Result in no change



Question No. 17 Find the total sale if Debtor ( Opening ) = Rs 500 , Debtor ( Closing ) = Rs. 1000 , Receipts from the debtors = Rs. 200
Option A
Rs. 500
Option B
Rs. 600
Option C
Rs. 700
Option D
Rs. 800



Question No. 18 Debit note is used to record the details of
Option A
All credit purchases
Option B
All Credit sales
Option C
Goods returned by the firm
Option D
Goods returned to the firm



Question No. 19 Current Ratio is used to measure
Option A
Profit of the organisation
Option B
Liquidity position of the organisation
Option C
Overall functioning of the organisation
Option D
None of the above



Question No. 20 Which of the following is true about stock turnover ratio
Option A
It helps to know the closing Stock
Option B
It helps to know the speed at which stock is sold
Option C
It helps to know how quickly do we get payment from the debtors
Option D
It helps to know the level of stock the firm should keep



Question No. 21 Trade discount is given to
Option A
All customers
Option B
Relatives only
Option C
Regular buyers
Option D
Bulk buyers



Question No. 22 Source document are generated
Option A
Only in our organisation
Option B
by outside agency
Option C
Both a and b
Option D
None of the above



Question No. 23 The events that effect any organization are a result of its interaction with its environment , which includes
Option A
Economic , social entities
Option B
Econimic, social and politiacal entities
Option C
Economic social political and regulatory entities
Option D
Regularoty entities



Question No. 24 GAAP stans for
Option A
Govenrment accepted accounting principles
Option B
Generally accepted accounting Principles
Option C
Generally accepted accounting policies
Option D
None of these



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