Accountancy - 14

     Any physical thing or right owned that has a monetary value is called…..

•     Liability     

• Capital

• Assets

• Income

1.        ……. Is part of accounting

•      Accountancy  

• Source documents

• vouchers 

• Book- Keeping

      The authentic proofs are called as the …….

•     Invoice   

• Voucher

• Source document

• Cash receipt

      In ledger, if the two sides are equal, the account will show……..

• Nil balance

• Debit balance  

• Credit balance  

• None of these

       ……… prepared on the basis of trail balance

•    Journal 

• Final accounts

• Ledger accounts  

• Source documents

     Closing entries are recorded in……..

•       Cash book   

• Ledger

• Journal proper

• Purchases book

       The person who endorses is called the …….

•     Drawer   

• Drawee

• Endorsee 

• Endorser

      The balance in the petty cash book is

•      An expense      

• A profit

• Asset

• Suppliers

      When a payment is made by Cheque the…….. Account is credited.

•      Cash  

• Bank

• Customer

• Suppliers

      Which of the following is not the salient feature of bank reconciliation statement?

•      Any undue delay in the clearance of cheques will be shown up by the reconciliation.

•       Reconciliation statement will discourage the accountant of the bank from embezzlement

•        It helps in finding the actual position of the bank balance

•    Reconciliation statement is prepared only at the end of the accounting period.