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