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Accounting is often referred to as:

• A) The language of business

• B) The art of budgeting

• C) A mathematical science

• D) A statistical report

The concept that assumes a business will continue for a long time is:

• A) Accrual Concept

• B) Matching Concept

• C) Going Concern Concept

• D) Cost Concept

The principle that revenue is recorded when earned, not when received is:

• A) Realization Concept

• B) Consistency Concept

• C) Conservatism Concept

• D) Dual Aspect Concept

According to the Money Measurement Concept, which of the following is recorded in the books of accounts?

• A) Skills of employees

• B) Machinery purchased

• C) Goodwill of owner

• D) Brand reputation

One of the main objectives of accounting is:

• A) To reduce taxes

• B) To make rules for the government

• C) To ascertain profit or loss

• D) To calculate bonus for employees

Accounting helps in:

• A) Only for income tax

• B) Controlling inflation

• C) Decision making and planning

• D) Promoting products

Which of the following is a business transaction?

• A) Owner's daughter’s birthday celebrated

• B) Sale of goods for ₹10,000

• C) Manager goes on vacation

• D) A friend visits office

In double entry system, every transaction affects:

• A) One account only

• B) Two or more accounts

• C) Only cash

• D) Only purchases

The rule for real account is:

• A) Debit the giver, Credit the receiver

• B) Debit what comes in, Credit what goes out

• C) Debit all expenses, Credit all incomes

• D) None of the above

The book where transactions are first recorded is called:

• A) Ledger

• B) Trial Balance

• C) Journal

• D) Balance Sheet