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Accounting Basics Bit Bank for APPSC | Panchayat Secretary | IBPS | SBI | SSC

Accounting Basics 


 1)  Balance Sheet shows ————— of the firm. 
Answer  ::   Financial Position


 2) Trading, Profit and Loss account is prepared ————–. 
Answer  ::   For a period of time


 3) Balance Sheet is prepared ——————-. 
Answer  ::   At a point of time



 4) ——————– is an  establishment for the conduct of trade and commerce.
Answer  ::   Business entity


 5) The owner of the business  is called as ——————. 
Answer  ::   Proprietor


 6)  The amount invested by the proprietor in the business is —————-.
Answer  ::   Capital


 7)  —————— is the value of cash  or goods withdrawn from the business by the owner. 
Answer  ::   Drawings


 8) The commodities, articles or things in  which a trader deals are ————.
Answer  ::   Goods


 9) The person who owes money  to the business is ————. 
Answer  ::   Debtor


 10) The person to whom the business owes money  is ————. 
Answer  ::   Creditor


 11) The proprieties or things owned by a business are ———–. 
Answer  ::   Assets


 12)    The assets which cannot be seen  and touched are known as —————-.
Answer  ::   Intangible assets


 13) Goodwill, Patents, Trade Marks  etc. are ————— assets. 
Answer  ::   Intangible


 14) The assets which can be convertible  into cash within one year are ————— assets. 
Answer  ::   Current Assets


 15)  Cash, Bank, Debtors, Stock, and Bills Receivable etc. are ———– assets.
Answer  ::   Current Assets


 16) Assets which are held with the  business for a long time are ————-.
Answer  ::   Fixed Assets


 17) Land,  Buildings,  Plant,  Machinery, Furniture etc. are ————— assets.
Answer  ::   Fixed Assets



 18)  The financial obligations of an enterprise other than owner’s funds are —–.
Answer  ::   Liabilities


 19)  The debit credit rule for the Personal account  is ————. 
Answer  ::   Debit the Receiver & Credit the Giver


 20) The golden rule for the Real account is  —————-. 
Answer  ::   Debit what comes in & Credit what goes out

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Mallikarjuna

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