1. Book of original entry is also known as ------------------.
Answer : Journal
2. The act of keeping accounting records in a systematic manner is called ------
Answer : Book keeping
3. The Double Entry system records both ----------- & ---------- aspects of a business transaction.
Answer : Debit & Credit
4. The receiving aspect of a transaction is ---------------
Answer : Debit
5. The golden rule for the Nominal account is --------------
Answer : . Debit all expense and losses & Credit all incomes and gains
6. According to -------------- principle a business is treated as a separate entity that is distinct from its owner
Answer : . Business Entity Concept
7. According to -------------- principle only those transactions which are capable of being expressed in terms of money are included in the accounting records
Answer : Money Measurement Concept
8. According to ------------- principle the enterprise is normally viewed as a going concern that is, ontinuing in operation for the foreseeable future.
Answer : Going concern principle
9. The Going concern concept is also known as -------------
Answer : Continuity assumption
10. According to ---------------- principle revenues and costs are recogni zed as they are earned or incurred
Answer : Accrual principle
11. The giving aspect of a transaction is --------------
Answer : Credit
12. The language of the Business is ------------------
Answer : . Accounting
13. ----------- is a document which serves as an evidence of a transaction -----------------
Answer : Voucher
14. --------------- is the record made in the books of accounts in respect of a transaction or event
Answer : Entry
15. Father of Double Entry of Book Keeping is -------------
Answer : Luca Pacioli
16. Double Entry of Book Keeping was introduced in the year -----------
Answer : 1494
17. The most important branches of Accounting are -------------------
Answer : Financial Accounting, Cost Accounting, Management Accounting
18. Under the Companies Act 1956, as companies are required to maintain the books of accounts according to ---------- basis of accounting.
Answer : . Accrual
19. The basic object of Accounting is ------------------
Answer : To maintain systematic record of financial transaction to ascertain profit / loss, to ascertain financial position
20. Accounting Standard- 1 deals with --------------
Answer : Disclosure of Accounting Policies
21. Journal is also called as ----------- & --------------
Answer : Book of Prime Entry & Book of Original Entry
22. The process of recording a transaction in the journal is called -----------------
Answer : Journalising
23. An entry made in the journal is called a ---------------
Answer : Journal Entry
24. ------------ is a principal book which contains all the accounts
Answer : Ledger
25. ---------------- is the Book of Final Entry
Answer : . Ledger
26. ----------- & ----------- are the basic financial statements.
Answer : Trading, Profit and Loss accounts & Balance Sheet
27. Trading, Profit and Loss account shows ---------------- of the firm
Answer : Financial Performance i.e. profit or loss
28. Balance Sheet shows --------------- of the firm.
Answer : Financial Position
29. Trading, Profit and Loss account is prepared --------------
Answer : For a period of time
30. Balance Sheet is prepared -------------------.
Answer : At a point of time
31. -------------------- is an establishment for the conduct of trade and commerce.
Answer : Business entity
32. The owner of the business is called as ------------------
Answer : Proprietor
33. The amount invested by the proprietor in the business is ----------------.
Answer : Capital
34. ------------------ is the value of cash or goods withdrawn from the business by the owner
Answer : . Drawings
35. The commodities, articles or things in which a trader deals are ------------.
Answer : Goods
36. The person who owes money to the business is ------------
Answer : Debtor
37. The person to whom the business owes money is ------------
Answer : Creditor
38. The proprieties or things owned by a business are -----------
Answer : Assets
39. The assets which cannot be seen and touched are known as ----------- -----
Answer : (Intangible assets)
40. Goodwill, Patents, Trade Marks etc. are --------------- assets
Answer : Intangible
41. The assets which can be convertible into cash within one year are ------------- assets
Answer : Current Assets
42. Cash, Bank, Debtors, Stock, and Bills Receivable etc. are -----------assets.
Answer : Current Assets
43. Assets which are held with the business for a long time are ---------
Answer : Fixed Assets
44. Accounting Standard - 6 deals with -------------------
Answer : Depreciation
45. What is the Accounting equation -------------
Answer : Assets = Capital +Liabilities
46. Which financial statement represents the accounting equation ----------------
Answer : . Balance Sheet
47. As per Traditional Classification of Accounts, accounts can be classified into -------------
Answer : Personal A/C, Real A/C, Nominal A/C
48. Accounts related to individuals and a firm is -----------------
Answer : Personal A/C
49. An account related to assets is -----------------
Answer : Real A/C
50. Accounts related to expenses, losses, incomes and gains is ---------
Answer : Nominal A/C
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