The root of financial accounting system is ______.

(a)

Social accounting

(b)

Stewardship accounting

(c)

Management accounting

(d)

Responsibility accounting

Accounting is not a modern concept and it is as old as _____________

(a)

money

(b)

goods

(c)

services

(d)

all of these

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

(a)

Luca Pacioli

(b)

Kautilya

(c)

Wheeler

(d)

R.N. Carter

Goods returned to suppliers is known as ______ 

(a)

Debit note no

(b)

Sales returns

(c)

Credit

(d)

Purchase returns

Basic unit for measurement in accounting is _______

(a)

account

(b)

voucher

(c)

monetary value

Author of the famous book 'Arthasasthra' is _______

(a)

Maurya

(b)

Gupta

(c)

Kautilya

The term TDS in taxation refers to _______

(a)

Tax Dissolved

(b)

Tax Deducted Source

(c)

Both

The amount receivable or realised from sale of goods and the earnings from interest, dividend, commission, etc., is

(a)

revenue

(b)

expense

(c)

income

Which of the following does not follow dual aspect concept?

(a)

Increase in one asset and decrease in other asset

(b)

Increase in both asset liability

(c)

Decrease in one asset and decrease in other asset

(d)

Increase in one asset and increase in capital

"Anticipate no profit and provide for all possible losses" is based on ____________

(a)

Convention of consistency

(b)

Convention of disclosure

(c)

Convention of conservatism

(d)

Convention of materiality

Which one of the following is not a fundamental accounting assumption?

(a)

Going concern

(b)

Consistency

(c)

Prudence

(d)

Accrual

Real account deals with  

(a)

Individual persons

(b)

Expenses and losses

(c)

Assets

(d)

Incomes and gains

Name the column in a journal which is not filled at the time of journalising

(a)

Journal Folio

(b)

Both 'a' and 'b'

(c)

None of these

(d)

Ledger Folio

Point out the incorrect accounting equation

(a)

Assets = Liabilities + Capital

(b)

Assets = Capital + Liabilities

(c)

Liabilities = Assets + Capital

(d)

Capital = Assets - Liabilities

Journal means___________

(a)

daily

(b)

monthly

(c)

yearly

(d)

weekly

Computer purchased from Rajesh should be debited to __________.

(a)

Computer A/c

(b)

Purchases A/c

(c)

Rajesh A/c

Loss on sale of machinery is credited to______________.

(a)

Machinery Account

(b)

Purchase Account

(c)

Profit and Loss Account

(d)

None of the above

Main objective of preparing ledger account is to 

(a)

Ascertain the financial position

(b)

Ascertain the profit or loss

(c)

Ascertain the profit or loss and the financial position

(d)

Know the balance of each ledger account

In Triple column cash book, the balance of bank overdraft brought forward will appear in_________

(a)

Cash column debit side

(b)

Cash column credit side

(c)

Bank column debit side

(d)

Bank column credit side

Balance as per cash book is Rs. 2,000. Bank charge of Rs. 50 debited by the bank is not yet shown in the cash book. What is the bank statement balance now?

(a)

Rs. 1,950 credit balance

(b)

Rs. 1,950 debit balance

(c)

Rs. 2,050 debit balance

(d)

Rs. 2,050 credit balance

What are the steps involved in the process of accounting?

Who is a creditor of business?

Write a brief note on 'Consistency' assumption.

What is real account?

What is meant by external liabilities?

Is it correct to say that trial balance facilitates the preparation of financial statements?

What are the parties to the bill of exchange?

Write a brief note on Accounting Standards.

"Despite many advantages, double entry system also has some disadvantages". In the light of this statement discuss the advantages of double entry system.

The position of businessman on 30^th June 2014 was as follows:
Cash Rs. 5,000;
Debtors Rs. 20,000;
Machinery Rs. 60,000;
Stock Rs. 25,000;
Capital Rs. 75,000.
Calculate his Liabilities.

Show the accounting equation on the basis of the following transactions:
i) Ramya started business with Cash   Rs.25,000
ii) Purchases goods from Harsha   Rs.20,000
iii) Sold goods to Amala costing Rs.18,000    Rs.25,000
iv) Ramya withdrew from business   Rs.5,000

What are the different types of Journal entries?

'A trial balance is only a prima facie evidence of the arithmetical accuracy of records'. Do you agree with this statement? Give reasons.

Write notes on closing entries.

What are the differences between Book keeping and Accounting?

Prepare accounting equation for the following transactions.
(a) Murugan commenced business with cash Rs.80,000
(b) Purchased goods for cash Rs.30,000
(c) Paid salaries by cash Rs.5,000
(d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
(e) Introduced additional capital of Rs.10,000

Mohit has the following transactions, prepare accounting equation

		Rs
i)	Business started with Cash	1,75,000
ii)	Purchased goods from Rohit	50,000
iii)	Sold goods on credit to Manish (Costing Rs.17,500)	20,000
iv)	Purchased furniture for office use	10,000
v)	Cash paid to Rohit in full settlement	48,000
vi)	Cash received from Manish	20,000
vii)	Rent paid	1,000
viii)	Cash withdrew for personal use	3,000

Bragathish is a trader dealing in electronic goods who commenced his business in 2015. For the following transactions took place in the month of March 2018, pass journal entries.

March	Rs
1. Purchased goods from Y and Co. on credit	60,000
2. Sold goods to D and Co. on credit	30,000
3. Paid Y and Co. through bank in full settlement	58,000
4. D and Co. accepted a bill drawn by Bragathish	30,000
5. Sold goods to L and credit	20,000
6. Sold goods to M on credit	40,000
7. Received a cheque from M in full settlement and deposited the same to the bank.	39,000
8. Goods returned to Y and Co.	4,000
9. L became insolvent and only 90 paise per rupee is received by cash in final settlement.
10. Goods returned by M	3,000

Record the following transactions in the proper subsidiary books of Mis. Sunil & Co., and cost them to the Ledger.

2013 Apr 1	Goods sold to Ramesh Rs. 1,000
Apr 5	Sold goods to Kumar Rs. 2,200
Apr 8	Sold goods to Shankar Rs. 300
Apr 10	Goods returned by Kumar Rs. 600
Apr 15	Credit Note sent to Shankar for Rs. 200 being the Invoice overcharged.

What is the differences between Bank column of Cash book and Bank Statement?

The pass book of Ms. Aparna showed a balance of Rs. 25,500 on 30tb June, 2014.
(a) Cheques issued by her before that but were not presented for payments amounted to Rs. 3,200.
(b) Cheques amounting to Rs. 1,800 were paid into bank on June 30, but were not credited until July 5, 2014.
(c) On 30^th June, 2014 a cheque of Rs. 540 was received and entered in the bank column of cash book but was omitted to be paid into bank.
(d) Insurance premium paid by the bank as per standing instructions Rs. 500.
(e) Interest and Dividend collected by bank Rs. 1,500.
Prepare a bank reconciliation statement as on 30.6.2014.