Accounting works as a tool for measuring past performance of the___________ enterprises.

(a)

commerce

(b)

business

(c)

management

(d)

money

The word journal has been derived from the French word 'Jour' Jour means _________

(a)

Cash

(b)

Money

(c)

Day

(d)

None of these

Which of the following will affect the agreement of a trial balance?

(a)

Complete omission of a transaction

(b)

Partial omission of a transaction

(c)

Error of principle

(d)

Compensating errors

_________ transactions are not recorded in the cash book

(a)

Cash

(b)

Credit

(c)

Both

(d)

None of these

______________ is prepared to avoid the delay in the preparation of final accounts.

(a)

Suspense account

(b)

Trading account

(c)

Profit and loss account

(d)

Final account

The benefits of ___________ are available for more than one year.

(a)

Capital expenditure

(b)

Revenue expenditure

(c)

Referred revenue expenditure

(d)

Capital profit

Cost of acquisition of land and building is an example of __________.

(a)

Capital expenditure

(b)

Revenue expenditure

(c)

Capital receipts

(d)

Revenue receipts

The first part of the income statement is _________.

(a)

Final account

(b)

Trading account

(c)

Profit and Loss account

(d)

Balance sheet

The preparation of ______ is the last step in the accounting cycle.

(a)

Trading account

(b)

Profit and Loss account

(c)

Balance sheet

(d)

Final account

Interest on drawings is credited to ______ Account.

(a)

Trading

(b)

Profit and loss

(c)

Liabilities

(d)

Assets