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Accountancy - 5

Authored by Padmanaban K

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11th Grade

Accountancy - 5
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  The Root of financial accounting system is :

Social accounting

    Stewardship accounting

      Management Accounting

       Responsibility accounting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

       The rule of stock valuation “Cost price or realizable value” whichever is lower is based on the accounting principle of:

Conservatism

Materiality

Accrual

Money measurement

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

       The business is liable to the proprietor of the business in respect of capital introduced by the person according to:

       Business Entity Concept

     Money Measurement Concept

      Dual Aspect Concept

      Cost Concept

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

      Errors not affecting the agreement of trial balance are:

  Errors of under casting

      Error of Principle

      Errors of partial omission

      Errors of overcasting

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

    If the total of the debit side of an account excess the total of its credit side, it means:

Nil balance   

Credit balance   

Debit & Credit balance   

Debit balance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

        A list which contains balances of accounts to know whether the debit and credit balances are matched is:

Trial Balance   

Journal

Balance Sheet   

Day book

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

     After the preparation of ledger, the next step is the preparation of :

Journal

Trading account   

Profit and Loss account   

Trail balance.

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