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WorksheetsCA ICAI - 2
Total questions: 21
Worksheet time: 9mins
Name
Class
Date
1.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
2.
Planning, recording, analyzing, and interpreting financial information
a)
accounting
b)
ethics
c)
transaction
d)
revenue
3.
Amount owed by a business
a)
liability
b)
asset
c)
capital
d)
account
4.
A business activity that changes assets, liabilities, or owner's equity
a)
transaction
b)
expense
c)
revenue
d)
sale on account
5.
Anything of value that is owned
a)
account
b)
asset
c)
withdrawal
d)
expense
6.
A business owned by one person
a)
service business
b)
revenue
c)
expense
d)
proprietorship
7.
The amount in an account
a)
account title
b)
revenue
c)
account balance
d)
accounting records
8.
Financial reports that summarize the financial condition and operations of a business
a)
financial statements
b)
ethics
c)
withdrawals
d)
equities
9.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
10.
The ________________ __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.
a)
Income Statement
b)
Balance worksheet
c)
Income Worksheet
d)
Balance Sheet
11.
The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.
a)
Income Statement
b)
Balance Sheet
c)
Income Worksheet
d)
Balance Worksheet
12.
Accounting entries involve a minimum of how many accounts?
a)
0
b)
1
c)
2
d)
3
13.
Received cash from owner as investment
a)
Increase cash & capital
b)
Decrease cash & capital
c)
Increase assets & liabilities
d)
Decreases assets & liabilities
14.
Company purchases supplies on account
a)
Increase cash, decrease supplies
b)
Decrease cash, increase supplies
c)
Increase supplies, increase accounts payable
d)
Decrease supplies, decrease accounts payable
15.
rates and taxes are an/a ________?
a)
profit
b)
income
c)
VAT
d)
Expense
16.
Concept of consistency means :
a)
all the firm in the same industry should be identical accounting principles and procedures
b)
all principle and procedures of accounting are utilised
c)
accounting principles and methods should remain consistent from one year to another
d)
all of the above
17.
According to principle of conservatism closing stock is valued at :
a)
at cost price
b)
at realisable value
c)
cost price or realisable value whichever is less
d)
at real value
18.
According to principle of conservatism :
a)
provision is made for bad and doubtful debts
b)
depreciation is charged on assets
c)
recording is made of outstanding expenses
d)
all of the above
19.
According to which principle even the proprietor of the business is treated as a creditor of the business :
a)
going concern
b)
cost principle
c)
business entity principle
d)
accounting period principle
20.
Average due Date is the ....................... date of all due dates
a)
Median
b)
Mode
c)
Equated
d)
simple average
21.
At the end of the Accounting year all the nominal accounts of the ledger book are
a)
Balanced but not transferred to profit & loss account
b)
Not balanced and also the balance is not transferred to the profit & loss account
c)
Balanced and the balance is transferred to Balance Sheet
d)
Not Balanced and their balance is transferred to the profit & loss account.
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