______________ wrote his 'Summa de arithmetical'.

(a)

Kautilya

(b)

Valluvar

(c)

Luca pacioli

(d)

Chanakaya

___________ is the amount incurred in order to produce and sell the goods and services.

(a)

Creditor

(b)

Debtor

(c)

Stock

(d)

Expense

________ is said to be the root of accounting.

(a)

Cost Accounting

(b)

Stewardship Accounting

(c)

Management Accounting

(d)

None of the above

ASB stands for________________

(a)

Accounting Standard Board

(b)

Accounting Standard Business

(c)

Accounting Statistics Business

(d)

Accounting Standard Books

Real account deals with  

(a)

Individual persons

(b)

Expenses and losses

(c)

Assets

(d)

Incomes and gains

A debit note is called as _______

(a)

debit memo

(b)

credit memo

(c)

pay-in-slip

(d)

receipts

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

Closing entries are recorded in _____

(a)

Cash book

(b)

Ledger

(c)

Journal proper

(d)

Purchases book

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 fixed asset was bought for 75,000. Its accumulated depreciation is 71,000 and rate depreciation is 10%. What are the depreciation expenses for the current accounting period using reducing balance method?

(a)

Rs.600

(b)

Rs.2000

(c)

Rs.500

(d)

Rs.400