Free Printable Accounts Unit I

1.

1. A single entry system is

a)

Complete and scientific system

b)

Incomplete and unscientific

c)

Incomplete and scientific

d)

Complete and unscientific

2.

2. Accounting Principles consists of

a)

Concepts Only

b)

Conventions Only

c)

Concepts and Conventions

d)

None of the above

3.

3. Business is different from its owner as per

a)

Money measurement concept

b)

Matching concept

c)

Going concern concept

d)

Entity Concept

4.

4. Consistency of calculation methods refers to ---- of Accounting

a)

Concepts

b)

Convention

c)

Optional

d)

None of the above

5.

5. Book-keeping is

a)

Preliminary step of Accounting

b)

Advanced step of Accounting

c)

Different from Accounting

d)

None of the above

6.

6. Double entry system invented by

a)

F.W Taylor

b)

Henry Fayol

c)

Luca Pacioli

d)

Adam Smith

7.

7. Which of the following is against the convention of full disclosure?

a)

Omitting of petty expenses

b)

Record qualitative information

c)

inconsistent in calculations

d)

window dressing

8.

8. Capital is ---- Account

a)

Personal

b)

Real

c)

Nominal

d)

None of the above

9.

9. Purchases is ------- Account

a)

Personal

b)

Real

c)

Nominal

d)

None of the above

10.

10. Which of the following is credited?

a)

Rent

b)

Discount

c)

Commission Earned

d)

Insurance premium

11.

11. The accounts that consists of expenses and incomes are

a)

Personal accounts

b)

Real accounts

c)

Nominal accounts

d)

Income account

12.

12. Which of the following is book original entry?

a)

Journal

b)

Ledger

c)

Trial balance

d)

Final Accounts

13.

13. Which of the following is secondary book of entry?

a)

Journal

b)

Ledger

c)

Trial balance

d)

Final Accounts

14.

14. The Trading and Profit and Loss account is also called

a)

Balance Sheet

b)

Cash Flow Statement

c)

Income Statement

d)

Trial Balance

15.

15. -------------- consists of list of ledger accounts with balances for a period

a)

Balance Sheet

b)

Cash Flow Statement

c)

Income Statement

d)

Trial Balance

16.

16. Outstanding Wages is -------

a)

Nominal Account

b)

Real Account

c)

Personal Account

d)

Current Account

17.

17. Prepaid rent given in the Trial Balance will be treated as a (an):

a)

Asset

b)

Liability

c)

Revenue

d)

Deferred expense

18.

18. Shares issued higher than the face value is called ----

a)

Discount

b)

Par value

c)

Premium

d)

Book value

19.

19. shares allotted based on certain ratio is called ---- allotment

a)

Full

b)

Partial

c)

Pro-rata

d)

Best

20.

20. Final accounts format is given in Companies ACT 2013 --------------

a)

Schedule I

b)

Schedule II

c)

Schedule III

d)

Schedule IV

21.

21. According to the going concern concept a business entity is assumed to have

a)

A long life

b)

A very short life

c)

Medium life

d)

None of the Above

22.

22. According to ‘Entity concept’ the proprietor is treated as:

a)

Owner of the business

b)

Creditor for the business capital

c)

Manager of the business.

d)

Debtor

23.

23. Business is distinct from the owner. This concept is called

a)

Business entity

b)

Going concern

c)

Cost Concept

d)

Money measurement

24.

24. Find out the correct accounting equation from the following:

a)

Capital = Assets + Liabilities

b)

Capital = Assets – Liabilities

c)

Liabilities = Assets + Capital

d)

Liabilities = cash + Capital

25.

25. The business entity concept can be applied to a:

a)

Sole-proprietor

b)

Partnership form

c)

Company

d)

All of the above

26.

26. Historical cost concept requires the recording of an asset

a)

at its cost

b)

at its market value

c)

at its net realisable value

d)

None of these

27.

27. Every transaction is first entered in the

a)

Journal

b)

Ledger

c)

Trail balance

d)

Balance sheet

28.

28. Which of the following books should be used to record purchase of furniture on credit?

a)

Purchase book

b)

Cash book

c)

Sales book

d)

None of the above

29.

29. Asset A/c is a

a)

Personal A/c

b)

Real A/c

c)

Expenses A/c

d)

Personal or Real Account

30.

30. The system of recording transactions based on dual aspect concept is called

a)

Double Accounting system

b)

Double entry system

c)

Single entry system

d)

None of the above.

Accounts Unit I

Total questions: 30

Worksheet time: 15mins

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