financial accounting

What is Accounting?

• systematic record of transaction

• Analysing

• interpretating

• All the above

what is journal?

• Primary book

• Secondary

• third book

• None

What is Cash book?

• reording sales information

• Recording all cash transaction

• Recording three column,single,double

• ledger

Branches of Accounting

• financial

• management accouting

• cost accounting

• advanced accounting

The originator of Double Entry System

• Lucas Pacioli

• Marshall

• Pikles

• Batliboi

According to the concept of conservation, the stock-in-trade is valued at:

• Cost Price

• Market Price

• Cost or Market which ever is higher

• Cost or Market which ever is lower

On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -

• Debited by Rs. 1425

• Credited by Rs. 1425

• Credited by Rs. 1500

• Debited by Rs. 1575

Which account of the following will be credited on giving of goods in donation-

• Sales A/c

• Purchases A/c

• Donation A/c

• Cash A/c

Outstanding rent account is personal account

• Yes

• No

The loss on sale of furniture is debited to ........... account

• Profit and loss

• Furniture

• Depriciation

• Trading