Financial position of a business is ascertained on the basis of ______.

(a)

Journal

(b)

Trial balance

(c)

Balance Sheet

(d)

Ledger

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

Prepaid rent is a  

(a)

Nominal A/c

(b)

Personal A/c

(c)

Real A/c

(d)

Representative personal A/c

The process of finding the net amount from the totals of debit and credit columns in a ledger is known as

(a)

Casting

(b)

Posting

(c)

Journalising

(d)

Balancing

A list which contains balances of accounts to know whether the debit and credit balances are matched is _______

(a)

Journal

(b)

Day book

(c)

Trial balance

(d)

Balance sheet

Which of the following statements is not true?

(a)

Cash discount is recorded in the books of accounts

(b)

Assets purchased on credit are recorded in journal proper

(c)

Trade discount is recorded in the books of accounts

(d)

3 grace days are added while determining the due date of the bill

The balance in the petty cash book is_____.

(a)

An expense

(b)

A profit

(c)

An asset

(d)

A liability

Balance as per cash book is Rs. 2,000. Bank charge of Rs. 50 debited by the bank is not yet shown in the cash book. What is the bank statement balance now?

(a)

Rs. 1,950 credit balance

(b)

Rs. 1,950 debit balance

(c)

Rs. 2,050 debit balance

(d)

Rs. 2,050 credit balance

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

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