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CBSE
Class 11 Accountancy
Introduction To Accounting
Quiz 1
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The art of recording all business transactions in a systematic manner in a set of books is called-
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Accounting
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Book – keeping
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Ledger
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None of these.
Explanation
Book – keeping
The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –
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Book – keeping
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Accounting
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Journalizing
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None of these.
Explanation
Accounting
Cash, goods or assets invested by the proprietor in the business for earning profit is called-
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Profit
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Capital
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Fixed assets
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None of these.
Explanation
Capital
The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called-
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Creditor
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Proprietor
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Debtor
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None of these.
Explanation
Debtor
Book – keeping is-
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An art
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A science
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An art and science both
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None of these.
Explanation
An art and science both
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