Quiz on Introduction to Book-keeping and Accountancy

#1. ………. MEANS A REPUTATION OF A BUSINESS VALUED IN TERM OF MONEY.

#2. ______ is a person who owes money to the business.

#3. CONCEPT WHICH PROVIDES A LINE BETWEEN PRESENT AND FUTURE IS KNOWN AS

#4. HEAVY EXPENDITURE FOR LAUNCHING A NEW PRODUCT IS …………………

#5. Totalling of journal or ledger is called as ____________

#6. In ____________ basis of accounting, actual cash receipts and actual cash payments are recorded.

#7. ACCOUNTS MUST BE HONESTLY PREPARED AND THEY MUST DISCLOSE ALL MATERIAL INFORMATION IS KNOWN AS ……………….

#8. In _____________, joint stock companies emerged as an important form of business organisation.

#9. A COMMODITY IN WHICH A TRADER DEALS IS KNOWN AS ………………

#10. An act of exchange of things or services between the two parties is termed as______.

#11. EXPENDITURE INCURRED ON PURCHASE OF FIXED ASSET IS ……………

#12. The immediate recognition of loss is supported by principle of __________

#13. Cash flow statement is prepared and presented for the period for which the profit and lossaccount is prepared.

#14. Brief explanation of an entry is called as

#15. Amount which is not recoverable from customer is known as ______________

#16. SURPLUS OF INCOME OVER EXPENSES IS …………

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