WorksheetsAccounting and tally
Total questions: 40
Worksheet time: 32mins
Accrual Concept implies accounting on cash basis
True
False
Cash belongs to which account under accounting system?
Personal
Nominal
Real
Impersonal
The process of Writing Financial Transaction according to their nature is known as ___________?
Journalising
Ledger Posting
Trial Balance
Financial Statement Preparation
Recording of Financial Transactions in Chronological Order is Known as _________?
Ledger Posting
Journal Entry
Trial Balance
Balance Sheet
Statement showing summary of all the assets and liabilities of a business is known as _________?
Journal Book
Ledger Book
Trial Balance
Balance Sheet
Correct form of Accounting Equation is?
Assets = Liabilities + Capital
Assets + Liabilities = Capital
Assets + Capital = Liabilities
Assets - Capital = Liabilities
Cash book is having _____ Types?
1
2
3
4
According to the concept of conservation, the stock-in-trade is valued at:
Cost Price
Market Price
Cost or Market which ever is higher
Cost or Market which ever is lower
If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........
Trading A/c
Profit & Loss A/c
Assets
Liabilities
If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-
Rs. 4,40,000
Rs. 4,70,000
Rs. 4,00,000
Rs. 5,00,000
What is the role of the IASB?
Oversee the standard setting and regulatory process
Formulate international financial reporting standards
Review defective accounts
Control the accountancy profession
Copyrights, Patents and Trademarks are,
A) Current assets
B) Fixed assets
C) Intangible assets
D) Investments
The Process of entering all transaction from the Journal to Ledger is called
Posting
Entry
Accounting
None of the above
all information which is relevant to financial statement must be included in the financial statement
cost principle
disclosure principle
reliability principle
GAAP
An amount owed by a business.
Asset
Liability
Equity
Revenue
Concept: The same accounting procedures must be followed in the same way each accounting period
accounting period
dual concept
consistency principle
materiality
Concept: Revenue is recorded at the same time goods or services are sold.
realization of revenue
the revenue principle
going concern
prudence
Concept: The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period
Complete disclosure
money measurement
dual concept
matching expenses with revenue
Concept: The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period
Complete disclosure
money measurement
dual concept
matching expenses with revenue
What is Accounting?
Recording
Classifying
Summarizing
all the above
How many golden rules in Accounting ?
4
7
3
6
When is the origin of modern accounting?
In 1894
In 1694
In 1494
In 1794
The basic approach(es) to recording economic activity is(are)
the true net income basis
the cash basis and the accrual basis
the cash basis
the accrual basis
Latest version of tally:
(a)
Which shortcut key is used to shut opened company in tally?
F1
Alt+F1
F3
Alt+F3
Which option is used to make changes in created groups of ledgers in tally?
Create
Alter
Display
Change
Sales are equal to:
Cost of goods sold+Gross profit
Cost of goods sold - Gross profit
Gross profit -Cost of goods sold
None of the above
The proprietor of business has taken goods from busines .it show:
Deducted from purchase
Deducted from sales
Deducted from profit
Debit sides of trading a/c
Trial balance discloses:
Errors of omission
Errors of principal
Errors of commission
Errors of balances
A Trial balance is a :
Real account
Nominal account
List of balances
None of the above
If capital is 2,32,000 and drawing is 2700 and net profit is 14730 than what will be the net capital:
244030
257030
237440
None of the a
If good are purchase for ₹ 20000@10%trade discount,and good worth ₹3000 are returned,at what amount the goods are returned:
2700
2650
2900
2800
"Goods given as free sample"-what account will be credited:
(a)
Paid income tax, what account will be debited:
Capital account
Income tax a/c
Bank account
None of the above
Rent received in advance is:
Asset
Liability
Income
Expenses
Diffence in trial balance transfer to which account:
(a)
Intrest on drawing is a:
Income
Expenses
Contingent liability
Liability
Outstanding expenses appears in:
Profit and loss
Balance sheet
P/L and balance sheet both
All of the above
In trial balance cost of goods sold is given then,what should not be recorded:
Opening stock
Closing stock
Purchase
Sales
Carriage outward is shown:
(a)
