The activities of a business, which involve transfer of money or money's worth are called _______________

(a)

Transactions

(b)

Events

(c)

Accounting cycle

(d)

Costing

The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

(a)

Materiality

(b)

Money measurement

(c)

Conservatism

(d)

Accrual

According to _____________ concept only business transactions are recorded.

(a)

Dual aspect

(b)

Cost

(c)

Business entity

(d)

Money measurement

With drawal of cash from business by the proprietor should be credited to 

(a)

Drawings A/c

(b)

Cash A/c

(c)

Capital A/c

(d)

Purchases A/c

______ is used for credit purchases and credit sales.

(a)

Cash Receipt

(b)

Debit Note

(c)

Invoice

(d)

Credit Note

Journal is a book of ___

(a)

Original Entry

(b)

Last Book

(c)

Secondary Entry

(d)

All transaction

Computer purchased from Rajesh should be debited to __________.

(a)

Computer A/c

(b)

Purchases A/c

(c)

Rajesh A/c

While preparing the trial balance, the accountant finds that the total of the credit column is short by Rs.200. This difference will be

(a)

Debited to suspense account

(b)

Credited to suspense account

(c)

Adjusted to any of the debit balance

(d)

Adjusted to any of the credit balance

As both the debit and credit aspects of a transaction are recorded in the cash book, such entries are called__________ entries

(a)

Contra

(b)

Journal

(c)

Compound

(d)

Opening

If the rate of depreciation is same, then the amount of depreciation under straight line method vis-à-vis written down value method will be ________.

(a)

Equal in all years

(b)

Equal in the first year but higher in subsequent years

(c)

Equal in the first year but lower in subsequent years

(d)

Lower in the first year but equal in subsequent years.