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financial accounting

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

dividend paid is

a)

charge to profit

b)

allocation of profit

c)

both a and b

d)

none of the above

2.

marshalling of balance sheet means

a)

the order of assets and liabilities

b)

totalling and arranging of assets and liabilities

c)

finding balance in balance sheet

3.

the balance sheet discloses the financial position of a business

a)

for a given period

b)

at a specific point of time

c)

on a certain fixed date

d)

all of the above

4.

the unfavourable balance of profit and loss account should be

a)

subtracted from liabilities

b)

subtracted from capital

c)

subtracted from current assets

d)

added in liabilities

5.

recording of transactions and events as and when they occur and classifying them into suitable account heading is the subject matter of

a)

financial accounting

b)

cost accounting

c)

management accounting

d)

book keeping

6.

book keeping is mainly concerned with the recording of financial data relating to the-------- in significant and orderly manner

a)

business

b)

personal

c)

company

d)

monetary

7.

unearned income a/c is

a)

asset

b)

liability

c)

expense

d)

accrued income

8.

which of the following is current asset

a)

land and building

b)

machinery

c)

cash

d)

furniture

9.

when a liability is decreased or reduced it is registered on the

a)

debit or left side of the a/c

b)

credit or right side of the a/c

c)

debit or right side of the a/c

d)

credit or left side of the a/c

10.

where did trial balance originate

a)

italy

b)

india

c)

russia

d)

america

11.

who is father of accounting in india

a)

k.s. aiyer

b)

t.n. manoharan

c)

suresh prabhu

12.

accounting doesn't record non - financial transactions because of

a)

entity concept

b)

accural concept

c)

measurement concept

13.

accounting principles are generally based on

a)

practicability

b)

subjectivity

c)

objectivity

14.

who is considered as the father of modern accounting

a)

luca friar pacioli

b)

j.betty

c)

henry fayol

d)

gestonburg

15.

a list of assets,liabilities and owners equity of a business enterprise as of a specific date is

a)

income statement

b)

cash flow statement

c)

balance sheet

d)

profit and loss account

16.

capital + liability =

a)

total assets

b)

losses

c)

current asset

d)

fixed asset

17.

there are 2 systems of accounting i.e cash basis system of accounting and ------- basis of accounting

a)

double entry

b)

accural

c)

single entry

d)

dual aspect

18.

general reserve is created on the basis of convention of

a)

conservatism

b)

uniformity

c)

materiality

d)

full disclosure

19.

the ------ records daily transactions of a business in the order in which they occur

a)

journal

b)

ledger

c)

account

d)

trial balance

20.

an account is a summary of ---- at one place relating to a particular head

a)

all transactions

b)

some transactions

c)

journal

d)

none