Accounting Basics
1) The trial balance is ———–.
Answer :: The list of the balances of all active accounts
Answer :: The list of the balances of all active accounts
2) An economic event that involves transfer of money or money’s worth is ————-.
Answer :: Financial transaction
Answer :: Financial transaction
3) Drawing represents cash withdrawn for personal use and goods withdrawn for personal use by the ———-.
Answer :: Owner
Answer :: Owner
4) A person who owes money of the firm is a ———–.
Answer :: Debtor
Answer :: Debtor
5) Financial Accounting, Management Accounting, Cost Accounting, Social Responsibility Accounting, Human Resource Accounting are the ———— of accounting.
Answer :: Sub fields
Answer :: Sub fields
6) Fundamental accounting assumption as per AS-1 is ———————-.
Answer :: Going Concern, Consistency & Accrual
Answer :: Going Concern, Consistency & Accrual
7) Economic life of an enterprise is artificially split into periodic intervals in accordance with ——-.
Answer :: Periodicity Principle
Answer :: Periodicity Principle
8) Materiality principle is an exception to the —————.
Answer :: Full disclosure principle
Answer :: Full disclosure principle
9) Personal transactions are distinguished from business transaction, in accordance with ————–.
Answer :: Business entity principle
Answer :: Business entity principle
10) Appending notes to the financial statement is in accordance with ————.
Answer :: Full disclosure principle
Answer :: Full disclosure principle
11) Revenue from sale of products is generally realized in the period ———–.
Answer :: In which sale is made
Answer :: In which sale is made
12) Fixed assets are held in the business for the purpose of ————-.
Answer :: Earning revenue
Answer :: Earning revenue
13) As in India are issued by the ——————.
Answer :: ICAI
Answer :: ICAI
14) It is essential to standardize the accounting principle and policies in order to ——————-.
Answer :: Comparability
Answer :: Comparability
15) Ensure Transparency, Consistency, and In double entry system of book keeping every business transactions affects ————-.
Answer :: Two accounts
Answer :: Two accounts
16) Journal is the book of ————-.
Answer :: Original entry
Answer :: Original entry
17) Ledger is the book of —————-.
Answer :: Secondary entry
Answer :: Secondary entry
18) Prepaid salary account is a ————–.
Answer :: Personal account
Answer :: Personal account
19) Salary account is ——————-.
Answer :: Nominal account
20) Outstanding salary account is a ———————–.
Answer :: Personal account
Answer :: Personal account