WorksheetsBasics of Financial Accounting
Total questions: 10
Worksheet time: 10mins
Accounting furnishes data on
A) Income and cost for the managers
B) Financial conditions of the institutions
C) Company’s tax liability for a particular year
D) All the above
The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
A) Current assets
B) Fixed assets
C) Intangible assets
D) Investments
Copyrights, Patents and Trademarks are,
A) Current assets
B) Fixed assets
C) Intangible assets
D) Investments
The debts which are to be repaid within a short period (a year or less) are referred to as,
A) Current Liabilities
B) Fixed liabilities
C) Contingent liabilities
D) All the above
Rules for Real Account is
Debit what comes in Credit what goes out
Debit all Expenses and Lossess credit all incomes and gains
Debit the receiver credit the giver
None of the above
The accounts that records expenses, gains and losses are
(A) Personal accounts
(B) Real accounts
(C) Nominal accounts
(D) None of the above
Debit the receiver & credit the giver is _____ account
a) Personal
b) Real
c) Nominal
d) All the above
Which of the following is a Real A/c?
a) Building A/c
b) Capital A/c
c) Shyam A/c
d) Rent A/c
The Process of entering all transaction from the Journal to Ledger is called
Posting
Entry
Accounting
None of the above
The following is a statement showing the financial status of the company at any given time.
Trading Account
Profit and Loss Account
Balance Sheet
Cash Book
