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WorksheetsBasic of Accounting Part 1
Total questions: 10
Worksheet time: 10mins
Name
Class
Date
1.
Any activity which is done with a motive to earn a profit is, He is called____________?
a)
Business
b)
Capital
c)
Investment
d)
Drawings
2.
The person, who invests his capital, devotes his times and risk of the business, He is called_____________?
a)
Proprietor Owner
b)
Employee
c)
Administration
d)
None of these
3.
_____________ Means the amount which the proprietor (Owner) has invested in the firm or can claim from the firm?
a)
Capital
b)
Business
c)
Drawings
d)
Insolvent
4.
When the Businessman draws some amount of money or goods from the business for personal use, He is Called___________?
a)
Drawings
b)
Bed Debts
c)
Expenses
d)
Liabilities
5.
___________mean the transfer of money or money's worth from one hand to another hand?
a)
Transaction
b)
Recovered Bad Debts
c)
Solvent
d)
Insolvent
6.
The activities of business such as sale, purchase, income and advances and loans, when written in the books of account this procedure is known as______________?
a)
Entry
b)
Accounts
c)
Transaction
d)
None of these
7.
Summarized record of the transaction affecting person property, gain or loss as an account of a person, assets, expenses, losses, and income, etc. Is known as________________?
a)
Account
b)
Transaction
c)
Business
d)
Profit & Loss
8.
The return of the full or a part of the goods purchased by the Businessman to his suppliers, He is called_______________?
a)
Purchase Return
b)
Sale Return
c)
Puchase
d)
Sale
9.
_______________means the return of full or a part of goods sold by the customer to the businessman?
a)
Sale Return
b)
Purchase Return
c)
Puchase
d)
Sale
10.
Some Businessman sells their products at a price which is less than its market price. This is called_____________?
a)
Trade Discount
b)
Special Discount
c)
Cash Discount
d)
None of these
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