Which one of the following is not a branch of accounting?

(a)

Financial accounting

(b)

Management accounting

(c)

Human resources accounting

(d)

None of the above

Which one of the following is/are the objectives of accounting?

(a)

To keep a systematic record of financial transactions and events

(b)

To ascertain the profit or loss of the business enterprise

(c)

To ascertain the financial position or status of the enterprise

(d)

All of the above

A person who receives benefit without giving money or money's worth immediately is _______

(a)

debtor

(b)

creditor

(c)

profit

___________________does not mean that the asset will always be shown at cost.

(a)

Cost concept

(b)

Full disclosure concept

(c)

Dual aspect

(d)

Measurement concept

IFRS is __________

(a)

International Financial Reporting Standards

(b)

 Indian Funds Reporting Standards

(c)

Indian Finacial Reporting Standards

(d)

None of these

A firm has assets of Rs.1,00,000 and the external liabilities of Rs.60,000. Its capital would be  

(a)

Rs.1,60,000

(b)

Rs.60,000

(c)

Rs.1,00,000

(d)

Rs.40,000

Transactions related to expenses or losses and incomes and gains are classified into_________.

(a)

personal A/c

(b)

real A/c

(c)

nominal 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

The preparation of ___________ is the third step in the accounting process.

(a)

journal

(b)

ledger

(c)

trial balance

(d)

balance sheet

Which of the following is true about a trial balance?

(a)

It lists down the balance of accounts

(b)

It I ists down the balances of a balance sheet

(c)

It is a kind of financial statement

(d)

It is not a part of accounting cycle

What do you mean by legal evidence?

What is "Full Disclosure Principle" of accounting?

What are the basic assumption of accounting?

The firm of M/s. Long and Short has the following ledger balances on 1^st April 2014.

	Rs
Cash	20,000
Debtors	20,000
Stock	30,000
Creditors	16,000
Building	60,000
Capital	?

Pass the opening journal entry and find the capital?

What is debit balance?

Write a brief note on Accounting Standards.

What are the basic concepts of accounting?

Transactions of Sunil for the month of April are given below Journalise them.

2018 January		Rs
1	Sumy started business with cash	3,00,000
3	Bought goods for cash	15,000
13	Sold goods to Abisha	4,500
20	Bought goods from Sumy	6,750
24	Received from Abisha	4,500
28	Paid cash to Sumy	6,450
30	Cash Sales for the month	24,000
30	Paid salary to Ram	9,000
30	Goods were returned to Karthick	10,000

Classify the following into personal, real and nominal accounts.
(a) Capital
(b) Building
(c) Carriage inwards
(d) Cash
(e) Commission received
(f) Bank
(g) Purchases
(h) Chandru
(i) Outstanding wages

From the following balances extracted from the books of Mr Kannan at trader on automobiles, prepare trial balance as on 31^st March 2017.

	Rs		Rs
Cash ih hand	5,500	Direct expenses	5,000
Discount received	300	Carriage outwards	3,500
Creditors	15,000	Capital	45,000
Buildings	50,000	Purchases	49,700
Opening stock	6,000	Sales	59,000

What are the differences between Book keeping and Accounting?

Prepare accounting equation for the following transactions.
(a) Murugan commenced business with cash Rs.80,000
(b) Purchased goods for cash Rs.30,000
(c) Paid salaries by cash Rs.5,000
(d) Bought goods from Kumar for Rs.5,000 and deposited the money in CDM.
(e) Introduced additional capital of Rs.10,000

Prepare Trial Balance as on 30.06.2014 from the following ledger balances ofThiru. Muthu.

Name of the account	Rs	Name of the account	Rs
Drawings	13,000	Interest paid	1,750
Capital	72,000	Sales	84,000
Sundry Creditors	21,500	Salaries	4,750
Bills Payable	12,000	Sales Returns	500
Sundry Debtors	25,000	Purchases Returns	500
Bills Receivable	22,600	Travelling Expenses	2,300
Loan from Siva	5,000	Commission	1,050
Furniture	2,250	Trading Expenses	200
Opening stock	23,500	Discount (Cr.)	2,000
Cash in hand	20,450	Rent paid	1,000
Cash at bank	26,250	Bank overdraft	3,000
Trade marks	7,000	Purchases	48,000
		Bad debts	400