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WorksheetsACCOUNTS
Total questions: 31
Worksheet time: 16mins
capital is a
internal liability
external liability
both internal and external
none of these
goods taken by the proprietor for personal use is
sale
drawings
purchase
none of these
sale is recognised as revenue
when the contract for sale is entered into
at the point pf sale or performance of service
after the expiry of credit period allowed to debtors
after the money collected from the customers
amount paid or payable against purchase of goods is
revenue expenditure
capital expenditure
both revenue and capital expenditure
none of these
good will is a/an
tangible asset
intangible asset
current asset
fictitious asset
expenditure of revenue nature that gives benefit for more than one accounting period is categorised as
capital expenditure
revenue expenditure
deferred revenue expenditure
none of these
a person who owes money to a firm against goods sold is called a
creditor
debtor
both creditor and debtor
none of these
a person to whom money is owed by a firm for purchase of goods is called a
creditor
debtor
both creditor and debtor
none of these
purchase refers to the purchase of
goods for resale
stationery for office use
assets for the factory
none of the above
a liability arises because of
cash transaction
credit transaction
cash as well as credit transaction
none of these
book keeping and accounting
means same and are accounting
does not mean same and are not used interchangeably
both means same and are accounting and does not mean same and are not used interchangeably
none of the above
accounting
includes book keeping
does not include book keeping
may or may not include book keeping
none of these
which of the following will not be recorded in the books of account?
sales of goods
payment of salary
quality of staff
purchase of goods
book keeping is concerned with
recording financial data relating to business operations
designing for systems recording, classifying and summarising recorded data
interpreting data for internal and external users
all of the above
which is the last step of accounting as a process of information
recording the transaction
preparation of financial statements
communication of information
analysis and interpretation of information
accounting to going concern concept, a business is viewed as having
a limited life
a very long life
an indefinite life
none of these
valuation of stock at lower of cost or net realisable value is an example of
consistency convention
conservation convention
realisation concept
matching concept
during the life-time of an entity, accounting produces financial statements in accordance with which of the following accounting concept?
matching
conservatism
accounting period
cost
IASB upon coming into existence has adopted
all IAS and SIC
some IAS and SIC
none of the IAS and SIC
none of these
debit means
an increase in a asset
an increase in liability
an increase in the proprietor's equity
a decrease in asset
credit means
an increase in asset
an increase in liability
a decrease in liability
a decrease in proprietor's equity
sale of goods to ram for cash is debited to
ram
cash A/c
sales A/s
none of these
withdrawal of cash from business by the proprietor is credited to
drawing A/c
capital A/c
cash A/c
profit and loss A/c
bank account is a
personal account
real account
nominal account
none of these
goodwill account is a
personal account
real account
nominal account
none of these
drawings account is a
personal account
real account
nominal account
none of these
cash book records all
cash receipts and payment
cash and credit transaction
cash receipts
cash payments
if Ram has sold goods for cash to Param, the entry will be recorded in the
cash book
sales book
journal proper
petty cash book
Non-sufficient funds in the account to cover a check
Bounced Check
Cancelled Check
Check
Checkbook Register
Depreciation is charged on
Intangible assets
Fixed tangible assets
Liabilities
This is not a reason for depreciation
Passage of time
Obsolescence
Accident / wear and tear
Change in Demand & Supply
