11th Accounts Ch-1

Bookkeeping is ______.

• An art

• A science

• Both an art as well as science

• None of these

___________ is the last step of accounting as a process of information.

• Recording of data in the books of accounts

• Preparations of summaries in the form of financial statement

• Communication of information

• Analysis and interpretation of information

The person, firm, or institution who does not pay the price in cash for the goods purchased or the services received is called ______.

• Creditor

• Proprietor

• Debtor

• None of these

Use of a common unit of measurement and common format of reporting promotes _____.

• Comparability

• Understandability

• Relevance

• Reliability

Cash, goods, or assets invested by the proprietor in the business for earning profit is called ______.

• Profit

• Capital

• Fixed assets

• None of these

Which qualitative characteristics of accounting information are reflected when accounting information is clearly presented?

• Comparability

• Understandability

• Relevance

• Reliability

Which is not the advantage of Accounting

• Helps in taking Business Decission

• Helps in Financial Information

• Helps in Comparative Study

• Helps in Window Dressing

Accountings ignores which element?

• Quantitative

• Quanlative

• Qualitative

• Quaalii

The end result of which gives Trading A/c,Profit & Loss A/c & Balance sheet?

• Cost A/cing

• Financial A/cing

• Management A/cing

• None of these

Which is not an example of Inter firm Comparasion?

• Jio with Airtel

• Jio with BSNL

• Jio with Jio

• Jio with V!