Question

wer any Eight questions, each question carries ONE mark. 08×01=08

1. Business Organization involves___________ events.

2. Accounting is the process of recording and classifying business financial transactions.(State T/F)

3. According to which concept the owner of the business is considered creditor of the business:

a. Money measurement concept

b. Dual Aspect concept

c. Separate entity concept

d. Going concern concept

4. Expand GAAP

5. Capital account balance is a ___________ balance.

6. Give an example for error of commission.

7. Closing stock is value of ____________.

a) Cost price b) Market price

c) Sales price d) Cost price or Market price whichever is lower

8. State any one adjustment.

9. Give the meaning of Incomplete Records.

10. What is Statement of affairs?

Section –B

Answer any FIVE questions, each question carries TWO marks. 05×02=10

11. Give any two examples of revenues.

12. What is Double entry system of accounting?

13. What do you mean by compound voucher?

14. State the rules of debit and credit of capital.

15. Name any two methods of preparing the trial balance.

16. What do you mean by rectification of errors?

17. Give two examples of Capital Expenditure.

18. Why do you prepare Trading and Profit and loss Account?​

Answer 1

Answer:

Business organisations involves economic events.

I think true

c. Separate entity concept

GAAP (generally accepted accounting principles) is a collection of commonly-followed accounting rules and standards for financial reporting. The acronym is pronounced "gap."

Capital account balance is a Credit Balance

Error of Commission

For example, money that has been received from a customer is credited properly to the accounts receivable account, but to the wrong customer. ... A payment to a vendor that's recorded as an accounts payable, but to the wrong invoice or vendor is also an error of commission