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

Accounting Basics 

 1)  Father of Double Entry of Book Keeping is -------------.  

Answer  ::   Luca Pacioli

 2) Double Entry of Book Keeping was  introduced in the year ------------.
Answer  ::   1494

  3) The most important branches of  Accounting are -------------------. 
Answer  ::   Financial Accounting, Cost Accounting, Management Accounting

 4) Book of original entry is  also known as ------------------. 
Answer  ::   Journal

 5) The act of keeping accounting records  in a systematic manner is called --------------. 
Answer  ::   Book  Keeping

 6) The Double Entry system records  both ----------- & ---------- aspects of a business transaction. 
Answer  ::   Debit & Credit

 7) The receiving aspect of a transaction is ---------------. 
Answer  ::   Debit

 8)  The giving aspect of a transaction is --------------. 
Answer  ::   Credit

 9)  The language of the Business is ------------------. 
Answer  ::   Accounting

 10) ----------- is a document which serves as  an evidence of a transaction.
Answer  ::   Voucher

 11) --------------- is the record made in the books of accounts in  respect of a transaction or event. 
Answer  ::   Entry

 12)  Under the Companies Act 1956, as companies are required to maintain the books of accounts according to  ---------- basis of accounting. 
Answer  ::   Accrual

 13)  The basic object of Accounting is ------------------.
Answer  ::   To maintain systematic record of  financial transaction, to ascertain profit / loss, to ascertain financial position

 14) Accounting Standard – 1  deals with --------------. 
Answer  ::   Disclosure of Accounting Policies

 15)  Accounting Standard – 2  deals with -----------------. 
Answer  ::   Inventories Valuation

 16)  Accounting Standard –3 deals with --------------------. 
Answer  ::   Cash flow  statement

 17) Accounting Standard – 6  deals with -------------------. 
Answer  ::   Depreciation

 18) What is the Accounting equation -------------. 
Answer  ::   Assets = Capital + Liabilities

 19)  Which financial statement represents the accounting  equation ----------------.
Answer  ::   Balance Sheet

 20) As per Traditional Classification of  Accounts, accounts can be classified into -------------. 
Answer  ::   Personal A/C, Real A/C, Nominal A/C