Accountancy viva class xi

AICPA stands for _________________ (Fill in the Blank)

Examples of capital expenditure

• Purchase of machinery

• Cost of leasehold land

• Cost of purchased Goodwill

• All the above

Double entry system means

• Twice recorded

• Once in ledger once in journal

• Recording of both aspects of transaction

• None of these

Trade discount means

• Cash discount

• No discount

• Reduction in price

• None of these

Those Assets which are acquired for the purpose of increasing the earning capacity of the business is called

• Financial assets

• Current Assets

• Fixed Assets

• None of these

Who are the Internal users of Accounting Informations ?

• Potential Investers
• Creditors
• management
• Employees

Is BRS an accounts?

• Yes

• No

• Don’t know

• None of these

Select all asset accounts listed below.

• Accounts Payable

• Cash

• Supplies

• Owner's Capital

Revenue and expenses are recorded under:

• assets

• liabilities

• owner's equity

Debit is on the left and credit is on the right for ALL t accounts.

• true

• false