Question

The first steps in accounting process is : *

4 points

Measurements

Classification

Identification

Recording

(2) Transactions recorded in books are of *

4 points

Non- financial & quantitative in nature

Financial & quantitative in nature

Financial & qualitative in Nature

None of the above

(3) Current liability include *

4 points

Bill payable

Creditors

O/s expense

All of these

(4) Current assets do not include *

4 points

Debtors

Motor car

Bank balance

Prepaid expenses

(5) Tangible assets do not include *

4 points

Goodwill

Furniture

Stock

Cash in hand

(6) cash discount is ....... *

4 points

Which is allowed at the time of making the payment

Allowed at the time of sales of goods

Received at the time of purchases of goods

Received both at the time of purchase & making the goods

(7) Purchase refers to the buying of *

4 points

Stationary for office use

Assets for the factory

Goods of resale

Investment

(8) Out of the following assets which one is not an intangible assets . *

4 points

Patents

Investment

Goodwill

Trademark

(9) Main features of business transaction is *

4 points

An Economic activity

Change in the financial position of the firm .

Express in terms of money

All of the above

(10) Goods means...... *

4 points

Commodity to be bought and sold

Commodity to be bought but not sold

Commodity to be used as an assets

All of the above

(11) A persons who owes money to the firm is called ........ *

4 points

Debtors

Creditors

Supplier

None of these

(12) Give fundamental Accounting Equation *

4 points

Assets = Liabilities + capital

Liabilities = Assets + capital

Assets = Liabilities × capital

Assets = Liabilities ÷ capital

(13) If the capital of a business is 5,00,000 and outside Liabilities are 2,00,000. Calculate total assets of the business . *

4 points

7,00,000

8,00,000

9,00,000

6,50,000

(14) On which sides will increase the following accounts be recorded ? Furniture and Rent *

4 points

Furniture - Debit , Rent - Debit

Furniture- Credit , Rent - Debit

Furniture- Credit , Rent - Credit

(15) On which side the decrease in the Cash accounts will be recorded ? *

4 points

Debit

Credit

(16) which of the following is the capital expenditure ? *

4 points

Wages paid for repair of building

Wages paid for white washing of building

Wages paid for construction of building

Wages paid for cleaning of building

(17) which one is not the example of current liabilities ?*

4 points

Creditors

Bill payable

Bank overdraft

Debtors

(18) What is income ? *

4 points

Revenue - expenses

Revenue + expenses

Revenue × expenses

(19) Trade discount is : *

4 points

Which is allowed at the time of recieving the payment

Which is allowed at the time of sales of goods

Which is allowed both at the time of recieving payments and sales of goods

Allowed in all of the above

(20) The term sales is used only for the sales of ............and is never used for the sales of ............ . *

4 points

Assets , Investments

Assets , Goods

Intangible Assets , Goods

Goods , Assets

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Answer 1

Answer:

1)identification

2)financial and quantitative in nature