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Worksheets11 ACCOUNTANCY UNIT 1 TO 3 DT.24.1.22
Total questions: 25
Worksheet time: 13mins
Which of the following would NOT be considered as internal users of accounting data for a company?
External auditor
CEO of the company
President of the company
Salesman of the company
The process of identify, classify, recording and communicating business transaction is called as book-keeping.
True
False
Double entry in accounting means there must be________ entries for every transaction?
two
Three
six
one
Which of the following is not a business transaction?
Bought furniture of ₹10,000 for business
Paid for salaries of employees ₹5,000
Paid son's fees from her personal bank account ₹20,000
Paid son's fees from the business ₹2,000
Users of accounting information include
Creditors
Lenders
Customers
All of the above
Book keeping is mainly concerned with
Recording of financial data
Designing the systems in recording, classifying, and summarizing the recorded data
Interpreting the data for internal and external users
None of the above
Which of the following is the example of internal users
Government
Investors
Creditors
Employees
Summary of assets and liabilities
Profit and loss account
Balance Sheet
Trading acccont
Income and expenditure account
Which of the following is definition of accounting?
It's a process of classifying, recording, and summarizing the business transaction in monetary unit, interpretating the data in assist stakeholders in making decision.
It's a process of recording, classifying, and summarizing the business transaction in monetary unit, interpretating the data in assist stakeholders in making decision.
It's a process of classifying, recording, and summarizing the business transaction interpreting the data in assist stakeholders in making decision.
Accounting entities gives similar events the same accounting treatment each period.
(a)
The concept which assumes that a business will last indefinitely is
Business Entity
Going concern
Periodicity
Conservatism
The business is liable to the proprietor of the business in respect of capital introduced by the person according to
Money measurement concept
Cost concept
Business entity concept
Dual aspect concept
GAAPs are
Generally Accepted Accounting policies
Generally Accepted Accounting Principles
Generally Accepted Accounting provisions
None of these
In India, Accounting Standards are issued by
Reserve Bank of India
The cost and management accountants of India
Supreme court of India
The Institute of Chartered Accountants of India
Which of the following does not follow the dual aspect concept
Increase in one asset and decrease in another asset
Increase in both asset liability
Decrease in one asset and decrease in other assets
Increase in one asset and increase in capital
The dual aspect concept is the basis for
single-entry system
double entry system
bookkeeping
all the above
The return of the damaged book by the customer
Sales Return Journal
Purchases Return Journal
Cash Book
General Journal
Sell assets on credit
Sales Journal
Purchases Journal
Cash Book
General Journal
Sale of goods in cash
Sales Journal
Purchases Journal
Cash Book
General Journal
Returned damaged goods to credit supplier
Sales Returns Journal
Purchases Returns Journal
Cash Book
General Journal
How many parts has a delivery note
1
2
3
4
