Which one of the following is not a main objective of Accounting?

(a)

Systematic recording of transactions

(b)

Ascertainment of the profitability of the business

(c)

Ascertainment of the Financial position of the business

(d)

Solving tax disputes with tax authorities

______________ wrote his 'Summa de arithmetical'.

(a)

Kautilya

(b)

Valluvar

(c)

Luca pacioli

(d)

Chanakaya

The activities of a business, which involve transfer of money or money's worth are called _______________

(a)

Transactions

(b)

Events

(c)

Accounting cycle

(d)

Costing

In 1494, _________ an Italian developed double-entry book-keeping system.

(a)

Luca Pacioli

(b)

Kautilya

(c)

Wheeler

(d)

R.N. Carter

Incapability of a person or an enterprise to pay the debts is known as ______

(a)

Solvent

(b)

Insolvency

(c)

Bad debt

The term TDS in taxation refers to _______

(a)

Tax Dissolved

(b)

Tax Deducted Source

(c)

Both

The activities of a business, which involve transfer of money or goods or services between two persons or two accounts are ______

(a)

accounting

(b)

records

(c)

transactions

GAAPs are:

(a)

Generally Accepted Accounting Policies

(b)

Generally Accepted Accounting Principles

(c)

Generally Accepted Accounting Provisions

(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

The proprietor of the business is treated as a creditor for capital introduced by him according to _____________________

(a)

Money measurement concept

(b)

Cost concept

(c)

Business entity concept

(d)

Dual aspect concept

_________ requires analytical skill.

(a)

Accounting

(b)

Single entry

(c)

Book-keeping

(d)

Ledger

The practice of transferring closing stock into trading accounting is the ________concept.

(a)

Going Concern Concept

(b)

Matching Concept

(c)

Money Measurement Concept

(d)

Revenue Realization Concept

Which of the following provide fram work and accounting policies so that the financial statements of different enterprises become comparable?

(a)

Business standards

(b)

Accounting standards

(c)

Market standards

(d)

None

ICAI stands for_________.

(a)

Institute of Chartered Accountants of India

(b)

Institute of Cost Accountants of India

(c)

International Chartered Accounts Investigation

(d)

None of the above

The incorrect accounting equation 

(a)

Assets = Liabilities + Capital

(b)

Assets = Capital + Liabilities

(c)

Liabilities = Assets + Capital

(d)

Capital = Assets - Liabilities

_______ is prepared in duplicate and the original is sent to the seller.

(a)

Debit Note

(b)

Credit Note

(c)

Pay-in-slip

(d)

None of these

The relationship of assets with that of liabilities to outsiders and to owners in the form is known as _____.

(a)

single entry system

(b)

double entry system

(c)

accounting equation

(d)

none of these

Name the source document used for depositing money in the bank.

(a)

Voucher

(b)

Receipts

(c)

Pay-in-slip

(d)

Invoice

Which one is one of these cash transactions?

(a)

Sold goods to Raghavan

(b)

Bought goods from Anand

(c)

Salaries paid

(d)

Loan borrowed from Bank

Purchased goods from Venkat for each should be credited to _________

(a)

Venkat A/c

(b)

Cash A/c

(c)

Purchase A/c

(d)

Goods A/c

The giving aspect in a transaction is caned ___________.

(a)

debit aspect

(b)

credit aspect

(c)

neither. of the two

The books in which a transaction is recorded for the first time from a source document are call ________entry.

(a)

journal

(b)

books of original

(c)

books of journal

Indian Bank, is classified under _________.

(a)

personal A/c

(b)

real A/c

(c)

nominal A/c

Contra entries are passed only when___________.

(a)

Double Column cash book is prepared

(b)

Three-Column Cash book is prepared

(c)

Single Cash book is prepared

(d)

None of the above

The Capital of a sole trader is affected by_________.

(a)

Purchase of raw material

(b)

Commission received

(c)

Cash received from trade receivables

(d)

Purchase of an asset for cash

J. F. means ___________

(a)

Ledger page number

(b)

Journal page number

(c)

Voucher number

(d)

Order number

Transferring entries from Journal to Ledger Accounts is called _____________

(a)

Casting

(b)

Posting

(c)

Journalising

(d)

Balancing

A decrease in the provision for doubtful debts would result in___________.

(a)

Increase in liability

(b)

Decrease in liability

(c)

Decrease in the net profit

(d)

Increase in the net profit

The trial balance contains the balances of_____

(a)

Only personal accounts

(b)

Only real accounts

(c)

Only nominal accounts

(d)

All accounts

Trial balance is prepared ____________

(a)

At the end of the year

(b)

On a particular date

(c)

For a year

(d)

None of the above

Cash received from Mani whose account was previously written of as a bad debts should be credited to __________account.

(a)

Mani's

(b)

Miscellaneous income

(c)

Bad debts recovered

Which one of the following is the most popular method of preparing a trial balance.

(a)

Total method

(b)

Balance method

(c)

Trial and error method

(d)

Line method

Sales return book is used to record_________

(a)

Returns of goods by the customer for which cash is paid immediately

(b)

Returns of goods by the customer for which cash is not paid immediately

(c)

Returns of assets by the customer for which cash is not paid immediately

(d)

Returns of assets by the customer for which cash is paid immediately

Closing entries are recorded in _____

(a)

Cash book

(b)

Ledger

(c)

Journal proper

(d)

Purchases book

The person who prepares the bill is called the _____

(a)

drawer

(b)

drawee

(c)

payee

(d)

acceptance

Purchase of machinery is recorded in____________.

(a)

sales book

(b)

journal proper

(c)

purchases book

The cash discount allowed to a debtor should b e credited to_________.

(a)

Discount Account

(b)

Customer's Account

(c)

Sales account

(d)

None of the above

A cash book with discount, cash and bank column is called_______

(a)

Simple cash book

(b)

Double column cash book

(c)

Three column cash book

(d)

Petty cash book

Small payments are recorded in a book called_____.

(a)

Cash book

(b)

Purchase book

(c)

Bills payable book

(d)

Petty cash book

__________ Cash Book has only one amount column that is cash column

(a)

Single column

(b)

Double column

(c)

Three column

(d)

None of these

Postage stamps purchased for 50 by the business. This transaction will be recorded in ___________

(a)

Petty cash book

(b)

Purchase book

(c)

Sales book

(d)

Bills receivable book

A bank reconciliation statement is prepared to know the causes for the difference between:

(a)

The balance as per the cash column of the cash book and bank column of the cash book.

(b)

The balance as per the cash column of the cash book and bank statement

(c)

The balance as per the bank column of the cash book and the bank statement.

(d)

The balance as per petty cash book and the cash book

Which one of the following is not a timing difference?

(a)

Cheque deposited but not yet credited

(b)

Cheque issued but not yet presented for payment

(c)

Among directly paid into the bank

(d)

Wrong debit in the cash book

A transaction not recorded at all is known as an error of _______.

(a)

Principle

(b)

Complete omission

(c)

Partial omission

(d)

Duplication

If the total charge of depreciation and maintenance cost are considered, the method that provides a uniform charge is ____.

(a)

Straight line method

(b)

Diminishing balance method

(c)

Annuity method

(d)

Insurance policy method

Which method shall be efficient, if repairs and maintenance cost of an asset increases as it grows older.

(a)

Straight line method

(b)

Reducing balance method

(c)

Sinking fund method

(d)

Annuity method

Amount received from IDBI as a medium term loan for augmenting working capital ______.

(a)

Capital expenditures

(b)

Revenue expenditures

(c)

Revenue receipts

(d)

Capital receipt

Salaries appearing in the trial balance is shown on the _______.

(a)

Debit side of trading account

(b)

Debit side of profit and loss account

(c)

Liabilities side of the balance sheet

(d)

Assets side of the balance sheet

If there is no existing provision for doubtful debts, provision created for doubtful debts is ______.

(a)

Debited to bad debts account

(b)

Debited to sundry debtors account

(c)

Credited to bad debts account

(d)

Debited to profit and loss account

Accounting software is an example of _______.

(a)

System software

(b)

Application software

(c)

Utility software

(d)

Operating software