Question

1. The external user of accounting information is:

        Creditors
        Lower level Management
        Middle Level Management
        Top Level Management


2. “Continuity Assumption” is also known as:

        Accounting Period Assumption
        Going Concern Assumption
        Money Measurement Assumption
        Accounting Entry Assumption


3. The branch of accounting which is concerned with ascertaining the operating results and financial position of the business is

        Financial accounting
        Cost Accounting
        Management Accounting
        Tax Accounting


4. The internal user of the accounting information is:

        Lower level Management
        Investors
        Tax Authorities
        Customers


5. The other name for the Revenue Recognition principle is

        Matching Principle
        Historical Cost Principle
        Duality Principle
        Realisation Principle


6. The statement in which debit and credit balances of all accounts in ledger are shown in ---------------

        Balance Sheet
        Trial Balance
        Trading a/c
        Profit and loss a/c


7. The account relate to owner of an organization is

        Revenue Accounts
        Assets Accounts
        Capital Accounts
        Liabilities Accounts


8. The transfer of transcations recorded in the journal to the ledger is called as ---------

        Posting
        Opening Entry
        Compound Entry
        Balancing


9. -------------- is used to record the acceptance received

        Bills payable Book
        Bills Receivable Book
        Sales Returns Book
        Purchase Returns Book


10. ------------ is the example of intangible asset

        Goodwill
        Building
        Plant and Machinery
        Furniture and Fixtures


11. The principle which states that “the accounting data should be verifiable and free from personal bias of accountants” is known as:

        Modifying Principle
        Materiality Principle
        Objectivity Principle
        Full Disclosure Principle


12. The Statement of assets and liabilities is

        Fund Flow Statement
        Cash flow statement
        Income Statement
        Balance Sheet


13. ---------------- is also called as Book of final entry

        Ledger
        Journal
        Petty cash Book
        Sales Book


14. Salaries Account is the example of

        Real Account
        Nominal Accounts
        Capital Accounts
        Liabilities Accounts


15. The accounts relate to the assets of the firm is:

        Real Accounts
        Personal Accounts
        Nominal Account
        Expenses Accounts


16. The column where the ledger page number containing the relevant account is entered at the time of posting is called as:

        Date Column
        Ledger Folio (L.F) Column
        Debit Column
        Credit Column


17. Valuation of crops in the agricultural industry or market value rather than at cost is the example of:

        Timeliness Principle
        Industry Practice
        Conservatism Principle
        Consistency Principle


18. Which of the following is not true?

        Liabilities = Assets
        Debit all expenses and losses, credit all gains and incomes
        Debit the giver, Credit the receiver
        Debit what comes in, Credit what goes out


19. Book of original entry is also called as:

        Journal
        Ledger
        Trial Balance
        Balance Sheet


20. ---------------- is used to record cash payments involving small amounts

        Bills Payable Book
        Sales return Book
        Purchase Book
        Petty cash book


21. Journal proper is used for recording:

        All credit sales
        All the transactions which cannot be entered in any of the specialized journals
        All credit purchases
        All cash and bank transactions


22. --------------- is a book of prime entry as well as a ledger account

        Cash book
        Sales Book
        Purchase Book
        Bills receivable Book


23. The debit balance of Trial Balance shows:

        Income
        Gains
        Liabilities
        Expenses


24. The credit balance of Trial Balance deals with:

        Loss
        Assets
        Income
        Expenses


25. The summary of cash Book is known as:

        Receipts and Payments A/C
        Revenue A/c
        Income and Expenditure A/c
        Capital A/c​

Answer 1

Answer:

what the question is about

Explanation:

I didn't understand anything

Answer 2

• The external user of accounting information is: