Quiz on Introduction to Book-keeping and Accountancy

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

#2. Brief explanation of an entry is called as

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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