Transaction which involves immediate cash payment is _______

(a)

credit transaction

(b)

cash transaction

(c)

debit

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

Accounting equation is formed based on the accounting principle of

(a)

Dual aspect

(b)

Consistency

(c)

Going concern

(d)

Accrual

The Accounting Equation is connected with ________

(a)

Assets only

(b)

Liabilities only

(c)

Assets, Liabilities and Capital

(d)

None of these

In big concerns, the ledger is ________________

(a)

bound note book

(b)

sheet

(c)

loose-leaf ledger

(d)

journals

Which of the following is/are the objective(s) of preparing trial balance?

(a)

Serving as the summary of all the ledger accounts

(b)

Helping in the preparation of final accounts

(c)

Examining arithmetical accuracy of accounts

(d)

a, b and c

Which of the following is not a subsidiary book?

(a)

Sales Book

(b)

Purchase Book

(c)

Cash Book

(d)

Ledger Book

Contra Entries are passed only when ___________

(a)

Double column cash book is prepared

(b)

Three column cash book is prepared

(c)

Multi-column cash book is prepared

(d)

Single column cash book is prepared

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

Under the written down value method of depreciation, the amount of depreciation is ____.

(a)

Uniform in all the years

(b)

Decreasing every year

(c)

Increasing every year

(d)

None of the above