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

 1) Accounts related to individuals and a firm is -----------------. 
Answer  ::   Personal A/C

 2) An account related to  assets is  -----------------. 
Answer  ::   Real A/C

 3) Accounts related to expenses, losses, incomes and gains is  ------------------.
Answer  ::   Nominal A/C

 4) Capital is a  --------------------- account.  (Personal)  Drawings are a ---------------------- account. 
Answer  ::   Personal

5)  Land and Buildings is a -------------- account. 
Answer  ::   Real

 6) Good will is a ------------------ account. 
Answer  ::   Real

 7) A salary paid is  a ----------------- account. 
Answer  ::   Nominal

 8) Interest received  is a -------------- account. 
Answer  ::   Nominal

 9)  Accounting Standards in India are issued by ------------------.
Answer  ::   The Institute of Chartered  Accountants of India

 10) What is full form of " ICAI "
Answer  ::   The Institute of Chartered  Accountants of India

 11) Accounting Standard –  10 deals with ----------------. 
Answer  ::   Accounting for Fixed Assets

 12)  Accounting Standard – 12  deals with ----------------. 
Answer  ::   Accounting for Government Grants

 13)  -------------------- is a book in which transactions are recorded in chronological order. 
Answer  ::   Journal

 14) Journal is also called as ----------- & --------------. 
Answer  ::   Book  of Prime Entry & Book  of Original Entry

 15) The process of recording a transaction in the journal is called -----------------.
Answer  ::   Journalising

 16) An entry made in the journal is called a  ---------------. 
Answer  ::   Journal Entry

 17)  ------------ is a principal book which contains all the accounts. 
Answer  ::   Ledger

 18)  ---------------- is the Book of Final Entry. 
Answer  ::   Ledger

 19)  ----------- & ----------- are the basic financial statements. 
Answer  ::   Trading, Profit and Loss accounts & Balance Sheet

 20) Trading, Profit and Loss account  shows ---------------- of the firm.
Answer  ::   Financial Performance  i.e. profit or loss