Fundamentals of Commerce

Who is the Father of Modern Accounting?

• Michael Johnson
• John Smith
• Luca Pacioli
• David Brown

I Which Year Double Entry System was introduced?

• 1600
• 1500
• 1450
• 1340

Which Statement is Correct?

• Accounting is the process of recording financial transactions pertaining to a business.

  
  

• The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.

• Accounting is the process of Calculating the business transactions from 1st jan to 31st October

• None of the above

Which of the following are Economic Activities?

• Reading, writing, and painting.
• Cooking, cleaning, and gardening.
• Exercising, sleeping, and watching TV.
• Farming, manufacturing, trading, and providing services

Expenses Comes under _________ Account

• Personal

• Tangible Real

• Intangible Real

• Nominal

On the advice of Sravanthi, Ms. Sravani Sold Goods to Saranya & Co Rs 20,000.
Who is debtor in the above transaction?

• Sarayna & Co

• Sravanthi

• Ms. Sravani

• None

Which entry is correct - (Business started with cash)

• Cash A/c Dr

  To Business A/c

• Cash A/c Dr

  To Capital A/c

• Capital A/c Dr

  To Business A/c

• Capital A/c Dr

  To Cash A/c

Paid to Ram Murthy 20,000 and discount is 1,500.

Identify the discount

• Discount Allowed

• Discount Received

• Discount Allowed and Received

• None of the above

In Proforma of Journal Entries, there is LF No.

What it is ??

• Legal Folio Number

• Length Folio Number

• Ledger Folio Number

• None