Which one of the following is not a main objective of Accounting?

(a)

Systematic recording of transactions

(b)

Ascertainment of the profitability of the business

(c)

Ascertainment of the Financial position of the business

(d)

Solving tax disputes with tax authorities

The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

'Cash withdrawn by the proprietor from the business for his personal use' causes

(a)

Decrease in assets and decrease in owner's capital

(b)

Increase in one asset and decrease in another asset

(c)

Increase in one asset and increase in liabilities

(d)

Increase in asset and decrease in capital

The process of transferring the debit and credit items from journal to ledger accounts is called 

(a)

Casting

(b)

Posting

(c)

Journalising

(d)

Balancing

After the preparation of ledger, the next step is the preparation of

(a)

Trading account

(b)

Trial balance

(c)

Journal

(d)

Profit and loss account

A periodic total of the purchases book is posted to the _______

(a)

debit side of the purchases account

(b)

debit side of the sales account

(c)

credit side of the purchases account

(d)

credit side of the sales account

The cash book records____.

(a)

All cash receipts

(b)

All cash payments

(c)

Both (a) and (b)

(d)

All credit transactions

A bank reconciliation statement is prepared with the help of ______.

(a)

Bank statement

(b)

Cash book

(c)

Bank statement and bank column of the cash book

(d)

Petty cash book

The difference in trial balance is taken to _______.

(a)

The capital account

(b)

The trading account

(c)

The suspense account

(d)

The profit and loss account

Expenditure incurred Rs.20,000 for trial run of a newly installed machinery will be ______.

(a)

Preliminary expense

(b)

Revenue expenditure

(c)

Capital expenditure

(d)

Deferred revenue expenditure