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