Q. The Mathematical Expression defining the comparative relationship between Assets and Liabilities of any person, institution or Business concern is called-
-
(A)
Accounting
-
(B)
Accounting Equation
-
(C)
Book – keeping
-
(D)
none of these
✅ Correct Answer: (B)
Accounting Equation
Q. Liabilities and Assets amount to Rs. 50,000 and Rs. 7,800 respectively. The difference Amount shall represent-
-
(A)
Creditors
-
(B)
Debentures
-
(C)
Capital
-
(D)
Profit
✅ Correct Answer: (C)
Capital
Q. The basis of recording transactions is-
-
(A)
Vouchers
-
(B)
Profit
-
(C)
Order form
-
(D)
Quotation list.
✅ Correct Answer: (A)
Vouchers
Q. As per American Belief, Accounts are of how many types-
-
(A)
Two
-
(B)
Three
-
(C)
Four
-
(D)
Five
✅ Correct Answer: (D)
Five
Q. Which of the following is entered in cash – book-
-
(A)
Only cash transactions
-
(B)
Only credit transactions
-
(C)
Both cash and credit transactions
-
(D)
None of these
✅ Correct Answer: (A)
Only cash transactions
Q. Cash – book always show-
-
(A)
Debit balance
-
(B)
Credit balance
-
(C)
Debit or Credit balance
-
(D)
None of these
✅ Correct Answer: (A)
Debit balance
Q. The cash – book meant for recording petty expenses is called –
-
(A)
Simple cash – book
-
(B)
Petty cash – book
-
(C)
Triple column
-
(D)
None of these
✅ Correct Answer: (B)
Petty cash – book
Q. The entry which affects cash and bank column of a triple column cash – book is known as –
-
(A)
Compound entry
-
(B)
Contra entry
-
(C)
Journal entry
-
(D)
None of these
✅ Correct Answer: (B)
Contra entry
Q. What statement is used while closing a Drawing Account-
-
(A)
Balance c/d
-
(B)
By Trading A/c
-
(C)
By P & L A/c
-
(D)
By Capital Account.
✅ Correct Answer: (D)
By Capital Account.
Q. The entry which is passed for bringing forward the balances of personal and Real Account as shown in the last year’s balance sheet is called –
-
(A)
osing entry
-
(B)
Journal entry
-
(C)
Opening entry
-
(D)
None of these
✅ Correct Answer: (C)
Opening entry
Q. The balance of good’s Account is transferred to-
-
(A)
Profit and loss Account
-
(B)
Trading Account
-
(C)
Balance sheet
-
(D)
None of these
✅ Correct Answer: (B)
Trading Account
Q. Which Account is opened first in ledger book-
-
(A)
Personal
-
(B)
Real
-
(C)
Non – real
-
(D)
None of these
✅ Correct Answer: (A)
Personal
Q. How many columns are there in a Ledger (in one side)-
-
(A)
Four
-
(B)
Five
-
(C)
Six
-
(D)
Seven
✅ Correct Answer: (A)
Four
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