Question

. 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:

1ans creditor

2ans

3ans

4ans

5ans

6ans

7ans

8ans

9ans

10ans

11ans

12ans

13ans capital account

14ans capital account

15ans real account

16ans date column

17ans timelines principal

18ans liberties = assets

19ans ledger

20ans bills payable book

21ans all the transaction which cannot be entered in any of the specialised journal

22ans cash book

23ans gains

24ans income

25ans income and expenditure