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