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Worksheetsfinancial accounting
Total questions: 12
Worksheet time: 6mins
What is Accounting?
systematic record of transaction
Analysing
interpretating
All the above
what is journal?
Primary book
Secondary
third book
None
What is Cash book?
reording sales information
Recording all cash transaction
Recording three column,single,double
ledger
Branches of Accounting
financial
management accouting
cost accounting
advanced accounting
The originator of Double Entry System
Lucas Pacioli
Marshall
Pikles
Batliboi
According to the concept of conservation, the stock-in-trade is valued at:
Cost Price
Market Price
Cost or Market which ever is higher
Cost or Market which ever is lower
On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -
Debited by Rs. 1425
Credited by Rs. 1425
Credited by Rs. 1500
Debited by Rs. 1575
Which account of the following will be credited on giving of goods in donation-
Sales A/c
Purchases A/c
Donation A/c
Cash A/c
Outstanding rent account is personal account
Yes
No
The loss on sale of furniture is debited to ........... account
Profit and loss
Furniture
Depriciation
Trading
If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........
Trading A/c
Profit & Loss A/c
Assets
Liabilities
If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-
Rs. 4,40,000
Rs. 4,70,000
Rs. 4,00,000
Rs. 5,00,000
