All the business transactions are recorded in the book of _______________

(a)

accounts

(b)

book keeping

(c)

transactions

(d)

none of these

The person who wants to record the business transaction is _______

(a)

Businessman

(b)

Transactor

(c)

Customer

A businessman purchased goods for Rs. 25, 00,000 and sold 80% of such goods during the accounting year ended 31st March 2015. The market value of the remaining goods was Rs, 4,00,000. He valued the closing inventory at cost. He violated the concept of ______.

(a)

Money measurement

(b)

Conservatism

(c)

Cost

(d)

Periodicity

Atul purchased a car Rs. 5,00,000 , by making down payment of Rs.1,00,000 and signing a Rs. 4,00,000 bill payable due in 60 days. As a result of this transaction. 

(a)

Total assets increase by Rs. 5,00,000

(b)

Total liabilities increase by Rs.4,00,000

(c)

Total assets increase by Rs. 4,00,000

(d)

Total assets increase by Rs. 4,00,000 with a corresponding increase in liabilites by Rs. 4,00,000

The person who has to make the payment or who accepts to make the payment is called the _______

(a)

drawee

(b)

drawer

(c)

payee

(d)

creditor

Cash book is a type _________but treated as a_______of accounts.

(a)

subsidiary book, Principal book

(b)

Principal book, subsidiary book

(c)

subsidiary book, subsidiary book

(d)

Principal book, principal book

When balance as per pass book is the starting point, interest allowed by bank is_______________.

(a)

subtracted

(b)

added

(c)

neither of the two

Under the diminishing balance method of depreciation ____________

(a)

Both rate of depreciation and amount of depreciation are reduced every year

(b)

Only the amount of depreciation is reduced every year

(c)

Only the rate of depreciation is reduced every year

(d)

None of the above

___________ refers to buying and selling of goods with the intention of making profit.

(a)

Trading

(b)

Trial balance

(c)

Balance Sheet

(d)

Profit and Loss Account

Interest on loan borrowed unpaid is shown on the _____ side of the Balance sheet.

(a)

Asset

(b)

Liabilities

(c)

Both 'a' and b'

(d)

None of these