The business is liable to the proprietor of the business in respect of capital introduced by the person according to

(a)

Money measurement concept

(b)

Cost concept

(c)

Business entity concept

(d)

Dual aspect concept

The profounder of double entry system of book-keeping is ___________

(a)

J. R. Batlibai

(b)

Luca Pacioli

(c)

Old Kesal

(d)

Menhar

The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

GAAPs are:

(a)

Generally Accepted Accounting Policies

(b)

Generally Accepted Accounting Principles

(c)

Generally Accepted Accounting Provisions

(d)

None of these

The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

(a)

Materiality

(b)

Money measurement

(c)

Conservatism

(d)

Accrual

___________ is the process of recording business transactions in the books of accounts in a systematic way.

(a)

book keeping

(b)

Accountancy

(c)

Statistics

(d)

none of these

When money came into existence, ____________ activities involving money also flourished along with it.

(a)

science

(b)

economic

(c)

commerce

(d)

business

___________ involves recording business transactions of financial nature in the books of accounts.

(a)

Balance Sheet

(b)

Trial balance

(c)

book keeping

(d)

All the above

Book keeping prepares the ground for the important steps of finalising and interpretation which are usually performed by _____________.

(a)

accounting

(b)

economics

(c)

double entry

(d)

none of these

___________ said "Book keeping is an art of recording business dealings in a set of books".

(a)

Norcot

(b)

J.R. Batliboi

(c)

R.N. Carter

(d)

Keynes

_________________ is an art of recording business transactions based on certain principles.

(a)

Double entry

(b)

Single entry

(c)

Book keeping

(d)

Accounting

_______________ cannot remember all the transactions for quite a long time.

(a)

Owners

(b)

Bankers

(c)

Consumers

(d)

Business Managers

__________ is useful to find out tax liability in case of sales tax, income tax, property tax, etc

(a)

Double entry

(b)

Book keeping

(c)

Economics

(d)

Statistics

__________________ is basically generating financial information.

(a)

Accounting

(b)

Accountancy

(c)

Economic

(d)

Book keeping

_____________ is the process of managing the income and expenses of a business firm.

(a)

Economic

(b)

Statistics

(c)

Accountancy

(d)

None of these

Book keeping

(1)

Accounting Standards Board

GAAP

(2)

Accounting Principles

ASB

(3)

lndustrial Pinnncinl Reporting Standards

IFRS

(4)

Acconting Process

Accounting

(5)

Process of recording