THEORY QUIZ 1

STOCK AT THE END OF AN ACCOUTING PERIOD IS KNOWN AS

• OPENING STOCK

• CLOSING STOCK

• RAW MATERIALS

INDIAN FINANCIAL YEAR STARTS FROM

• 1ST APRIL

• 31ST MARCH

• 1ST JANUARY

WHICH OF THE FOLLOWING IS PREAPARED TO ANALYZE ARITHAMATICAL ACCURECY OF ACCOUNTS

• BALANCE SHEET

• JOURNAL

• TRAIL BALANCE

WHICH OF THE FOLLOWING IS KNOWN AS BOOKS OF ORIGINAL ENTRY

• JOURNAL 

• LEDGER

• TRADING ACCOUNT

ACCOUNTING EQUATION IS FORMED ON THE BASIS OF 

• DUAL ASPECT

• MONEY MEASUREMENT

• MATCHING

TOTAL AMOUNT DUE TO PARTIES AT THE END OF A PERIOD IS KNOWN AS

• SUNDRY DEBTORS

• SUNDRY CREDITORS

• OUTSTANDING

EXPENSES DUE BUT NOT PAID ARE KNOWN AS

• OUTSTANDING

• UNEARNED

• PREPAID

ASSETS WITHOUT PHYSICAL EXISTANCE IS KNOWN AS

• TANGIBLE ASSETS

• INTANGIBLE ASSETS

• CURRENT ASSETS

COST INCURRED IN THE PROCESS OF EARNING REVENUE IS KNOWN AS

• INCOME

• EXPENSE

• LOSS

WHICH TYPE OF ORGANIZATION DOES NOT USE INVENTORY

• TRADING

• MANUFACTURING

• SERVICE