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- 1. Multiple Choice
Transactions and events that cannot be measured in money terms are not recorded in the books of accounts. It is due to Money Measurement Concept.
True
False
- 2. Fill in the Blank
The system of recording transactions based on Dual Aspect Concept is known as ______.
- 3. Multiple Choice
The proprietor is treated as a creditor to the extent of his capital according to:
(a) Cost Concept
(b) Business Entity Concept
(c) Going Concern Concept
(d) Materiality Concept
- 4. Multiple Choice
The rule “Debit all expenses and losses and credit all gains and incomes” is applicable to Personal Account
True
False
- 5. Fill in the Blank
The debit balance of a personal account shows ______.
- 6. Multiple Choice
What is the type of Drawings Account?
(a) Personal
(b) Real
(c) Nominal
Expenses
- 7. Multiple Choice
In Accounting, Goods is defined as:
(a) Items which purchased for own consumption.
(b) Items which are purchased for charity.
(c) Items which are purchased for resale.
(d) Items without any defect.
- 8. Multiple Choice
Personal Accounts are related to Individuals, Banks, Companies, etc.
True
False
- 9. Multiple Choice
The rule ‘Debit what comes in Credit what goes out’ is applicable to:-
(a) Personal Account
(b) Real Account
(c) Nominal Account
(d) Liability Account
- 10. Fill in the Blank
Creditors are the ______________users of accounting.
- 11. Fill in the Blank
__________________ is a language of business.
- 12. Fill in the Blank
Incomplete accounting system is called______________
- 13. Fill in the Blank
Management is the ________users of accounting.
- 14. Multiple Choice
We record ___________in the books of accounts.
financial transactions
no financial transactions
both financial and non financial transactions
none of these
- 15. Multiple Choice
Which of the following is not a branch of accounting?
cost accounting
financial accounting
book keeping and accounting
management accounting
- 16. Multiple Choice
Which is the first step of accounting process?
Classifying
analyzing and interpretation
recording
financial statements.
- 17. Multiple Choice
Qualitative characteristics of accounting information are
Relevance
Reliability
Comparability
All of theses
- 18. Fill in the Blank
Double entry system has two aspects_______and _________
- 19. Multiple Choice
Which system of accounting is more popular
Double entry system
single entry system
both a and b
none of these
- 20. Fill in the Blank
End product of accounting is __________and _____________of accounting.
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