11th Commerce Quiz Competition

1.       Financial statements are part of

• (a)     Accounting.

• (a)     Book-keeping.

• (a)     Management Accounting.

   Purposes of an accounting system include all the following except

• (a)     Interpret and record the effects of business transaction.

• (b)     Classify the effects of transactions to facilitate the preparation of reports.

• (c)     Dictate the specific types of business enterprise transactions that the enterprises may engage in.

On March 31, 2015 after sale of goods worth ` 2,000, he is left with the closing inventory of ` 10,000. This is

• (a)     An event.

• (B)     A transaction.

• (C)     A transaction as well as an event.

1.       A businessman purchased goods for ` 25,00,000 and sold 80% of such goods during the accounting year ended 31st March, 2017. The market value of the remaining goods was ` 4,00,000. He valued the closing Inventory at cost. He violated the concept of

• Money measurement.

• •      Conservatism.

• Cost.

The determination of expenses for an accounting period is based on the principle of

• Objectivity.

• Materiality.

• Matching.

• (a)     Cost.

• (b)           Matching.

• Accrual.

According to the money measurement, currency transactions & events are recorded in books of accounts

• In the ruling currency of the country in which transaction takes place.

• In the ruling currency of the country in which books of accounts are prepared.

• In the currency set by ministry of finance

• In the currency set by government

Ram purchased a car `10,000 paid `3000 as cash and balance amount will be paid in three equal

installments/ Due to this

• Total assets increase by `10,000

• Total liabilities increase by `3000

• Assets will increase by `7000 with corresponding increase in liability by `7000

• Both (b) and (c)

Fixed Assets and Current Assets are categorized as per concept of

• Separate Entity

• Going Concern

• consistency

• Time period

Narration are given at the end of

• Final accounts

• trial balance each ledger account

• each ledger accounts

• Each journal entry