Accountancy

Accounting equation signifies

• Capital of a business is equal to assets

• Liabilities of a business are equal to assets

• Capital of a business is equal to liabilities

• Assets of a business are equal to the total of capital and liabilities

Withdrawal of cash from business by the proprietor should be credited to

• Drawing a/c

• Cash a/c

• Capital a/c

• Purchase a/c

A firm has assets of 1,00,000 and the external liabilities of 60,000. Its capital would be?

(a)  

Outstanding salary a/c is a representative personal account?

• True

• False

The accounting equation is

(a)  

Real account deals with

• Individual persons

• Expenses and losses

• Assets

• Incomes and gains

Depreciation is calculated from the date when

(a)  

Depreciation is caused by lapse of time, usage and obsolescence

• True

• False

Net profit is

(a)  

TALLY is an example of

• Tailor-made accounting software

• Ready-made accounting software

• In-built accounting software

• Customised accounting software