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WorksheetsAccountancy
Total questions: 23
Worksheet time: 12mins
The systematic process of keeping or maintaining financial records and transactions for a business..
Accounting
Accountancy
Accountant
Bookkeeper
The practice of measuring, classifying, verifying, summarizing, interpreting and reporting on business transactions for a business to reveal profit or loss, a firm's assets, liabilities and owners' equity.
Accounting
Accountancy
Accountant
Bookkeeper
Accounting process starts with.....
Identification of financial transactions
Posting into ledger
Recording in Journal
Summarising of financial transactions
A __________________ statement shows the profitability of the business
Cash flow
Profitability
Financial Position
Profit or Loss
A person to whom money is owed by a firm for purchase of goods or services is called
The Debtor
The Creditor
The Drawer
None of these
A person who owes money to a firm against goods bought or services received is called
The Debtor
The Creditor
The Drawer
None of these
The costs incurred in conducting the business are ....
Assets
Liabilities
Revenue
Expenses
The economic obligations of a business entity are called ...
Assets
Liabilities
Revenue
Expenses
Indebtedness arising from purchases of goods, materials, supplies, services or other transactions is ....
Accounts Payable
Notes Payable
Bonds Payable
Loans Payable
Those Assets which are acquired for the purpose of increasing the earning capacity of the business is called
Financial assets
Current Assets
Fixed Assets
None of these
Which of the following is a current asset?
Machinery
Cash
Building
Furniture
Trade discount means
Cash discount
No discount
Reduction in price
None of these
A double entry system means
Twice recorded
Once in ledger once in journal
Recording both aspects of transactions
None of these
Purchase refers to the buying of
Goods or products for resale
Assets for the factory
Stationery for office use
Daily expenses
Which concept says that Accounting practices once adopted should be applied year after year?
Conservatism
Accrual
Business entity
Consistency
If goods are distributed as free samples, which account should you debit?
Purchases
Goods
Free sample
Advertising
Which of the following is an incorrect formula?
Capital = Assets - Liabilities
Capital + Assets = Liabilities
Capital + Liabilities = Assets
Capital - Assets = Liabilities
Accrued Commission is a/an ...
Income
Asset
Liability
Expense
Which of the following best describes a trial balance?
It shows the financial position of a business
It is a special account
It shows all the entries in all the journals
It is a list of the total balances for the books
A and B are equal partners with the capital of Rs.16000 and Rs.12000. C a new partner comes in for ¼ share and brings capital Rs.15000. Find the value of the firm's goodwill?
Rs. 60,000
Rs.11,200
Rs.17,000
Rs.43,000
Total assets and liabilities of the firm are Rs.70,000 and Rs.10,000. Average profit is Rs.8,000. NRR 10%. Calculate super profit?
Rs.1,000
Rs.2,000
Rs.3,000
Rs.4,000
When the partners decide to dissolve the partnership, then the a/c prepared is
Revaluation a/c
Realisation A/c
Memorandum revaluation
None of these
A and B are partners sharing profits in ratio of 2:1. They admit C for 1/3 share in profits. The sacrifice ratio of A and B is
2:3
1:2
2:1
1:1
