Business Accounting MCQs and Notes

G

Gopal Sharma • 38.32K Points
Coach

Q 1. What comes in is to be debited, what goes out is to be credited.

(A) Rules of Personal

(B) Rules of Real

(C) Rules of Nominal

(D) All of these

P

Priyanka Tomar • 35.28K Points
Coach

Q 2. Debit the receiver credit the giver rule for

(A) Real a/c

(B) Personal a/c

(C) Nominal a/c

(D) None of these

G

Gopal Sharma • 38.32K Points
Coach

Q 3. The basic sequence in the accounting process can best be described as:

(A) Transaction, journal entry, source document, ledger account, trial balance.

(B) Source document, transaction, ledger account, journal entry, trial balance.

(C) Transaction, source document, journal entry, trial balance, ledger account.

(D) Transaction, source document, journal entry, ledger account, trial balance.

V

Vijay Sangwan • 28.62K Points
Instructor II

Q 4. The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

(A) Ledger

(B) Posting

(C) Forward journal

(D) None of these one of these

S

Shiva Ram • 30.44K Points
Instructor I

Q 5. A statement containing the various ledgers balances on particular date

(A) Compound Journal

(B) Ledger

(C) Trial balance

(D) None of the above

S

Shiva Ram • 30.44K Points
Instructor I

Q 6. Accounting principles are divided into two types. These are ---

(A) Accounting Concepts

(B) Accounting Conventions

(C) Accounting Standards

(D) Accounting Concepts & Accounting Conventions

V

Vinay • 28.75K Points
Instructor II

Q 7. The purpose of financial accounts is reporting to

(A) Management only

(B) Government only

(C) Investor only

(D) All of these

V

Vikash Gupta • 33.56K Points
Instructor I

Q 8. Bookkeeping is a/an……………………of correctly recording of business transition.

(A) Art and Science

(B) Art

(C) Science

(D) Art or Science

G

Gopal Sharma • 38.32K Points
Coach

Q 9. All those to whom business owes money are:

(A) Debtors

(B) Investors

(C) Creditors

(D) Shareholders concept

R

Ram Sharma • 193.84K Points
Coach

Q 10. P & L a/c is prepared for a period of one year by following:

(A) Consistency concept

(B) Conservatism concept

(C) Accounting period concept

(D) Cost Concept