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 7)  ------------------ is the value of cash  or goods withdrawn from the business by the owner.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