Who is considered to be the internal user of the financial information?

(a)

Creditor

(b)

Employee

(c)

Cutomer

(d)

Government

The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

In India, Accounting Standards are issued by

(a)

Reserve Bank of India

(b)

The Cost and Management Accountants of India

(c)

Supreme Court of India

(d)

The Institute of Chartered Accountants of India

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

Purchases of fixed assets on credit basis is recorded in_______

(a)

Purchases book

(b)

Sales book

(c)

Purchases returns book

(d)

Journal proper

When money is withdrawn from bank, the bank _______.

(a)

Credits customer's account

(b)

Debits customer's account

(c)

Debits and credits customer's account

(d)

None of these

Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited?

(a)

Senguttuvan account

(b)

Sales returns account

(c)

Returns outward account

(d)

Purchases returns account

Depreciation provided on machinery is debited to ____________

(a)

Depreciation account

(b)

Machinery account

(c)

Trading account

(d)

Provision for depreciation account

Drawings appearing in the trial balance is _______.

(a)

Added to the purchases

(b)

Subtracted from the purchases

(c)

Added to the capital

(d)

Subtracted from the capital

Which one of the following is not a method of codification of accounts?

(a)

Access codes

(b)

Sequential codes

(c)

Block codes

(d)

Mnemonic codes