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Q.1
What is Accounting?
systematic record of transaction
Analysing
interpretating
All the above
Q.2
What is journal?
Primary book
Secondary
third book
None
Q.3
What is Cash book?
Recording three column,single,double
Recording all cash transaction
ledger
Both A & B
Q.4
Business transactions are recorded
(a) in chronological order
(b) weekly
(c) at the end of the month
(d) all of these
Q.5
Income and Expenditure Account records transactions of
Revenue nature only
Capital nature only
Both Capital and Revenue
Cash transactions only
Q.6
Nominal accounts are related to ?
(a) assets and liabilities
(b) expenses and incomes
(c) customers and creditors
(d) none of these
Q.7
Income and Expenditure Account is
Personal Account
Real Account
Nominal Account
Contingent Account
Q.8
Journal is called a book of
(a) primary entry
(b) secondary entry
(c) final entry
(d) none of the above
Q.9
Subscription received in advance is
An Income
An Expense
An Asset
A liability
Q.10
Which of the following statements about contingent assets and contingent liabilities are correct?1-A contingent asset should be disclosed by note if an inflow of economic benefits is probable.A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made.3 -No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required.4 -No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote.
1 and 4 only
2 and 3 only
2, 3 and 4
1, 2 and 4
Q.11
Transferring information from a journal entry to a ledger account (p. 98)
journaling
posting
file maintenance
correcting entry
Q.12
The amount of interest is credited by the buyer to
Interest Account
Vendor Account
Asset Account
Depreciation Account
Q.13
Under hire purchase system the initial payment is known as
First instalment
Down payment
Purchase price
Hire charges
Q.14
Non -Departmental items of expenses are charged to
Departments on the basis of sales
General Profit and Loss account
Departments based on fixed assets employed
Capital fund
Q.15
Hire purchase price includes
Cash price and interest
Cash price and down payment
Down payment and interest
Total Price
Q.16
Who issues International Financial Reporting Standards?
The government
The International Accounting Standards Board
The stock exchange
The IFRS Advisory Committee
Q.17
Under the debtors system in branch a/c ,credit sales are
Debited to branch a/c
Credited to branch a/c
Debited to debtors a/c
Credited to debtors a/c
Q.18
Receipts and Payments Account is
Personal Account
Real Account
Nominal Account
Gross and Net Profit
Q.19
Legacies are generally
Treated as income
Capitalized and taken to balance sheet
Treated as expenditure
Treated as Revenue and payments
Q.20
Short workings irrecoverable are transferred to
Profit and loss a/c
Minimum Rent a/c
Royalty a/c
Land Lord a/c
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