TEST-1 Fundamental of Accounting & Introduction to Tally Prime.

 The Accounting Process begins with identifying and recording the transaction in the books of accounts. 

• True

• False

'Accounts relating to individuals, a group of individuals, firms and institution. This statement is used for which on of the following type Accounts?

• General Accounts

• Nominal Accounts

• Real Accounts

• Personal Accounts

Debit all expenses and losses; credit all income and gains is the Golden Rules for which of the following type of Accounts?

• Personal Accounts

• Real Accounts

• Nominal Accounts

• General Accounts

Which on of the Following financial statement helps verify the arithmetical accuracy of posting to the ledger accounts? 

• Balance Sheet

• Profit and Loss Account

• Ratio Analysis

• Trial Balance

choose a Example for Personal Account

• Cash

• Salary

• SBI Bank

• Vehicle Showroom

The example "Commission" is which type of Account?

• Nominal Account

• Real Account

• Personal Account

• Capital Account

Chose the below Golden rule for Real Account?

• Debit (Dr) The Receiver

  Credit (Cr) The Giver

• Debit (Dr) What comes in

  Credit (Cr) What goes out

• Debit (Dr) What comes in

  Credit (Cr) The Giver

• Debit (Dr) All Expenses and Losses

  Credit (Cr) Income and Gains

Chose a example for Service Organization?

• Hotels

• Retail Business

• Machine

• Robots

An organization which deals in Purchase & Sale termed as Trading organization. Where an organization Purchase goods to sale further after adding there profit. This is belong to which organization?

• Service Organization

• Manufacturing

  Organization

• Trading Organization

• Doctor Organization

Debit (Dr) All Expenses and Losses

Credit (Cr) Income and Gains.

This golden rule belong to?

• Personal Accounts

• Nominal

  Accounts

• Real

  Accounts