Qno.14 In single entry system, only personal accounts are opened (b) real accounts are opened (c) nominal accounts are opened (d) real and nominal accounts are opened. Qno.15 Non-financial quantitative information is not recorded in accounts due to Dual concept (b) accrual concept (c) measurement concept (d) entity concept Qno.16 Both assets and owner’s equity would increase by--- Proprietor’s drawings (b) Purchase of machinery on credit (c) Payment to creditors (d) retained earnings. Qno.17 Purchase book is maintained to record: Purchase of goods (b) All cash purchases (c) All credit purchases (d) All credit purchases of goods Qno.18 Sales book is maintained to record: Credit sales of goods only (b) cash sales of goods only (c) all credit sales Qno.19 Return inward book is maintained for recording: Returns of goods purchased (b) returns of goods sold (c) returns of anything purchased (d) returns of anything sold Qno.20 Debit signifies Increase in asset account (b) decrease in liability account (c) decrease in capital account (d)none of these (e) all of these Qno.21 A trial balance is a Real account (b) nominal account (c) list of balances Qno.22 The trial balance checks: The arithmetical accuracy of books (b) the honesty of book- keeper (c) accuracy of the book-keeper Qno.23 Trial balance is prepared to detect: Errors of omission (b) Error of principle (c) Error of Commission
Answers
Q.14] In single entry system,
(a) only personal accounts are opened
(b) real accounts are opened
(c) nominal accounts are opened
(d) real and nominal accounts are opened.
Answer: a) only personal accounts are opened
Q.15] Non-financial quantitative information is not recorded in accounts due to
(a) dual concept
(b) accrual concept
(c) money measurement concept
(d) entity concept
Answer: (c) money measurement concept
Q.16] Both assets and owner’s equity would increase by---
(a) Proprietor’s drawings
(b) Purchase of machinery on credit
(c) Payment to creditors
(d) Retained earnings.
Answer: (d) Retained earnings.
Q.17] Purchase book is maintained to record:
(a) Purchase of goods
(b) All cash purchases
(c) All credit purchases
(d) All credit purchases of goods
Answer: (d) All credit purchases of goods
Q.18] Sales book is maintained to record:
(a) credit sales of goods only
(b) cash sales of goods only
(c) all credit sales
Answer: (a) credit sales of goods only
Q.19] Return inward book is maintained for recording:
(a) returns of goods purchased
(b) returns of goods sold by
(c) returns of anything purchased
(d) returns of anything sold
Answer: (d) returns of anything sold
Q.20] Debit signifies
(a) increase in asset account
(b) decrease in liability account
(c) decrease in capital account
(d) none of these
(e) all of these
Answer: (e) all of these
Q.21] A trial balance is a
(a) real account
(b) nominal account
(c) list of balances
Answer: (c) list of balances
Q.22] The trial balance checks:
(a) the arithmetical accuracy of books
(b) the honesty of book- keeper
(c) accuracy of the book-keeper
Answer: (a) the arithmetical accuracy of books
Q.23] Trial balance is prepared to detect:
(a) Errors of omission
(b) Error of principle
(c) Error of commission
Answer: (a) Errors of omission
Required Answer :-
14. In single entry system,
Ans - Only personal accounts are opened (a)
15. Non-financial quantitative information is not recorded in accounts due to
Ans - money* measurement concept (c)
16. Both assets and owner’s equity would increase by
Ans - Retained earnings (d)
17. Purchase book is maintained to record
Ans - All credit purchases of goods (d)
18. Sales book is maintained to record
Ans - credit sales of goods only (a)
19. Return inward book is maintained for recording
Ans - returns of anything sold (d)
20. Debit signifies
Ans - All of these (d)
21. A trial balance is a
Ans - list of balances (c)
22. The trial balance checks
Ans - the arithmetical accuracy of books (a)
23. Trial balance is prepared to detect
Ans - Error of omission (a)
Know More :-
Sales book - Sales book is defined as the book that is used to record credit sales made by business in a particular time
Purchase book - Purchase book is defined as the book that is used to record only the credit purchase of goods in buisness