1- A proper and fair planning of expenditures helps us to ensure proper use of:
A). Our Liabilities
B). An income✔️
C). Our expenses
D). Assets
2-The need for keeping a record of income and expenditures in a clear and systematic manner has given rise to the subject of:
A). Book keeping
B). Accounting Cycle✔️
C). Manufacturing cycle
D). None of the above
3- It is possible to increase the amount of saving through proper management and effective control of:
A). The family liabilities
B). The family income✔️
C).The family assets
D). None of the above
4- It is all the more necessary for an organization or a concern to keep:
A). Improper accounts
B). Proper accounts✔️
C). Incomplete records
D). None of the above
5- If proper books of accounts are not kept in a business the amount of profit:
A). Can be ascertained
B). Cannot be ascertained✔️
C). Easily ascertained
D). None of the above
6- Accounting is often referred to as the language of the:
A). Business✔️
B). Schools
C). Daily life
D). Information technology
7- Accounting was developed by people, who were seeking better ways to gather and report useful information about:
A). Families
B). Individual
C). Organizations✔️
D). Friends
8- The act of collecting, processing, reporting, analyzing, interpreting and projecting financed information is called:
A). Economics
B). Accounting✔️
C). Information technology
D). Introduction to business
9- Accounting principles, are generally based on:
A). Practicability✔️
B). Subjectivity
C). Convenience in recording
D). None of the above
10- The system of recording transactions based on duel concept is called:
A). Double account system
B). Double entry system✔️
C). Single entry system
D). Management system
11- No accounting is possible for an event or transaction which is not measurable terms of:
A). Money✔️
B). Goods
C). Units
D). Ethical values
12- The stage under which transactions are recorded chronologically in the books of accounts is called:
A). Summarizing
B). Classifying
C). Recording✔️
D). None of the above
13- The stage under which the transactions of the same or similar nature are classified and recorded separately is known as:
A). Classifying✔️
B). Recording
C). Interpretation
D). None of the above
14- The stage under which all necessary dates and information’s are summarized on the basis of classified record of transactions and communicated to management and other interested persons is called as:
A). Recording
B). Summarizing✔️
C). Interpretation
D). None of the above
15- Any dealing between two persons or things is a:
A). Transaction✔️
B). Introduction
C). Meeting
D). Seminar
16- When cash is paid or received as a result of an exchange, the transaction is said to be a:
A). Sale transaction
B). Cash transaction✔️
C). Credit transaction
D). None of the above
17- When the payment or receipt of cash is postponed for a future date, this transaction is said to be:
A). Credit transaction✔️
B). Cash transaction
C). Introduction
D). None of the above
18- Any activity undertaken for the purpose of earning profit is called:
A). Performance
B). Dealing
C). Business✔️
D). Duties
19- The owner of the business is known as:
A). Sale man
B). Agent
C). Proprietor✔️
D). Employee
20- The amount with which the trader starts his business is known as:
A). Drawings
B). Capital✔️
C). Stock
D). Purchases
21-The cash or goods taken away by the proprietor from the business for his personal use are called his:
A). Capital
B). Cash
C). Drawings✔️
D). Purchases
22- When saleable goods are bought in a business, it is said to be:
A). Sales
B). Purchases✔️
C). Assets
D). Goods
23- If the goods are purchased from a supplier and payment is made to him at the same time, such purchases are known as:
A). Credit purchases
B). Cash purchases✔️
C). Cash sales
D). Credit sales
24- If the goods are purchased for which payment will have to be made at some future date it is known as:
A). Cash purchases
B). Purchases an account✔️
C). Returns outwards
D). Credit sales
25- If the defective or damage goods return to the suppliers are called:
A).purchases returns✔️
B). Sales returns
C). Expense
D). None of the above
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