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Accounting Basics


 1)  The trial balance is ———–. 
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


 3) Drawing represents cash withdrawn  for personal use and goods withdrawn for personal use by the ———-. 
Answer  ::   Owner


 4) A person who owes money  of the firm is a ———–. 
Answer  ::   Debtor


 5) Financial Accounting, Management Accounting,  Cost Accounting, Social Responsibility Accounting, Human Resource Accounting are the ———— of accounting. 
Answer  ::   Sub fields



 6) Fundamental accounting assumption  as per AS-1 is  ———————-.
Answer  ::   Going Concern, Consistency & Accrual


 7) Economic life of an enterprise is artificially split into periodic intervals in accordance with ——-. 
Answer  ::   Periodicity Principle


 8)  Materiality principle is an  exception to the —————. 
Answer  ::   Full disclosure principle


 9) Personal transactions are distinguished from business transaction, in accordance with ————–. 
Answer  ::   Business  entity principle


 10) Appending notes to the financial statement is in accordance with ————.
Answer  ::   Full disclosure principle


 11)  Revenue from  sale of products is generally realized in the period ———–.
Answer  ::   In which sale is made



 12)  Fixed assets are held in the business for the purpose of ————-. 
Answer  ::   Earning revenue


 13) As in India are issued by the ——————. 
Answer  ::   ICAI


 14)  It is essential to standardize the accounting principle and policies in order to ——————-.
Answer  ::   Comparability


 15)  Ensure Transparency, Consistency, and  In double entry system  of book keeping every business transactions affects  ————-. 
Answer  ::   Two  accounts


 16) Journal is the book of ————-. 
Answer  ::   Original entry


 17) Ledger is the book  of —————-. 
Answer  ::   Secondary entry


 18) Prepaid salary account is a ————–. 
Answer  ::   Personal account 


 19) Salary account is  ——————-.  
Answer  ::   Nominal account


 20) Outstanding salary account is a ———————–.
Answer  ::   Personal account

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Mallikarjuna

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