Quiz on Introduction to Book-keeping and Accountancy#1. CONCEPT WHICH PROVIDES A LINE BETWEEN PRESENT AND FUTURE IS KNOWN AS GOING CONCERN GOING CONCERN ACCRUAL CONCEPT ACCRUAL CONCEPT ENTITY CONCEPT ENTITY CONCEPT COST CONCEPT COST CONCEPT #2. A COMMODITY IN WHICH A TRADER DEALS IS KNOWN AS ……………… GOODS GOODS INCOME INCOME PROPERTY PROPERTY EXPENDITURE EXPENDITURE #3. ______ is a person who owes money to the business. Debtor Debtor Supplier Supplier Investor Investor Creditor Creditor #4. In ____________ basis of accounting, actual cash receipts and actual cash payments are recorded. Mercantile Mercantile Cash Cash Accrual Accrual Hybrid Hybrid #5. In _____________, joint stock companies emerged as an important form of business organisation. The 12th Century The 12th Century The 18th and 19th centuries The 18th and 19th centuries Chandragupta Maurya’s regime Chandragupta Maurya’s regime The 21st century The 21st century #6. An act of exchange of things or services between the two parties is termed as______. Business Business Ledger Ledger Transfer Transfer Transaction Transaction #7. EXPENDITURE INCURRED ON PURCHASE OF FIXED ASSET IS …………… DEFERRED REVENUE EXPENDITURE DEFERRED REVENUE EXPENDITURE REVENUE EXPENDITURE REVENUE EXPENDITURE NONE OF THESE NONE OF THESE CAPITAL EXPENDITURE CAPITAL EXPENDITURE #8. Brief explanation of an entry is called as Folio Folio Narration Narration Journalising Journalising Posting Posting #9. Cash flow statement is prepared and presented for the period for which the profit and lossaccount is prepared. AS-10 AS-10 AS-3 AS-3 AS-6 AS-6 AS-2 AS-2 #10. HEAVY EXPENDITURE FOR LAUNCHING A NEW PRODUCT IS ………………… CAPITAL EXPENDITURE CAPITAL EXPENDITURE REVENUE EXPENDITURE REVENUE EXPENDITURE DEFERRED REVENUE EXPENDITURE DEFERRED REVENUE EXPENDITURE NONE OF THESE NONE OF THESE #11. SURPLUS OF INCOME OVER EXPENSES IS ………… FINANCIAL SOCIETIES FINANCIAL SOCIETIES DEFICIT DEFICIT LOSS LOSS PROFIT PROFIT #12. ………. MEANS A REPUTATION OF A BUSINESS VALUED IN TERM OF MONEY. ASSET ASSET TRADE MARK TRADE MARK PATENT PATENT GOODWILL GOODWILL #13. The immediate recognition of loss is supported by principle of __________ Conservatism Conservatism Objective Objective Consistency Consistency Matching Matching #14. Totalling of journal or ledger is called as ____________ Posting Posting Journalising Journalising Casting Casting Folio Folio #15. ACCOUNTS MUST BE HONESTLY PREPARED AND THEY MUST DISCLOSE ALL MATERIAL INFORMATION IS KNOWN AS ………………. DISCLOSURE CONCEPT DISCLOSURE CONCEPT COST CONCEPT COST CONCEPT ENTITY CONCEPT ENTITY CONCEPT DUAL ASPECT CONCEPT DUAL ASPECT CONCEPT #16. Amount which is not recoverable from customer is known as ______________ Debts Debts Doubtful debts Doubtful debts Bad Debts Bad Debts Debtors Debtors FinishResults
