Accounting procedure Part 2

Accounting procedure Part 2

Multiple Choice

___________ is the language of the business.

• Accounting

• English, Hindi etc.

The three types of accounts-

• Personal- name of each person or business

• Real-  things or property

• Nominal- Abstract things

Multiple Choice

There are _________ types of accounts

• 5

• 3

• 10

Multiple Choice

Furniture will appear in _________ Account

• Personal Account (persons/business name)

• Real Account (things or property)

• Nominal Account (things that cannot be seen or felt)

Multiple Choice

Ms.Lalita's name will appear in __________ account

• Personal Account (persons/business name)
  

• Nominal Account (things that cannot be seen or felt)
  

Multiple Choice

Loss will appear in which account?

• Personal account

  (persons/business name)

• Nominal account

  (things that cannot be seen or felt)

Stages of Accounting

-Primary entry

-Secondary entry

-Final accounts

Multiple Select

Select the 3 stages of accounting

• Primary entry

• Secondary entry

• Just for Fun entry

• Final accounts

Primary Entry

• The book where you Primary entry is called Journal

Multiple Choice

___________ is a book of account of Primary entry

• Any Note book

• Journal

Second Stage

• "Ledger"

• After recording in Journal, the next step is to classify the entries.

• Main book of the business.

• A ledger has 2 sides , one for credit entries and one for debit entries.

Multiple Choice

____________ main book of Business.

Hint- it is second stage of accounting.

• Journal

• Ledger

Multiple Choice

A ledger has 2 sides , one for credit entries and one for debit entries.

• True

• False

Trail balance

• Trial balance is prepared from balances of ledger accounts. 

• Final accounts are prepared from trial  balance. 

• 
  

• 
  

Multiple Choice

Trial balance is prepared from balances of __________

• Ledger account

• from any notebook

Multiple Choice

Final accounts are prepared from _______ balance.

• Trail balance

• Journal