AAn art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part, at least, of financial character and interpreting the results
BA systematic and regular record of events affecting a firm to obtain a clear financial picture
CA method of ascertaining Profit & Loss
DNothing but Book Keeping
Question - 2
Accounting in modern age is regarded as:
AThe art of recording, classifying and summarizing the business transactions in monetary units
BThe language of business.
CThe source of business information.
DAll the above
Question - 3
_____________ is root cause for financial accounting?
AStewardship accounting
BSocial accounting
CManagement accounting
DHuman resource accounting
Question - 4
Purchases during the year were 20,000. Expenses amounted to 20,000.Sales were 250,000.The calculated profits for year Rs. 30,000.The followed the concept of:
AMatching
BPeriodicity
CGoing concern
DCost Accounting
Question - 5
Accounting means recording of ____________
ATransactions.
BEvents.
CBoth (a) and (b)
DNeither (a) nor (b).
Question - 6
Accounting is also defined as an 'Information System' because
AThe function of Accounting is to provide quantitative information, primarily financial in nature about economic entities.
BIt is a system which provides information
CAccounting provides required information for anyone seeking it
DAll of the above
Question - 7
Money owed from an Outsider is an-
AAsset
BLiabillity
CExpense
DCapital
Question - 8
Fixed assets are assets which are -
ALong Term Assets where benefits from it is likely to extend beyond one accounting period
BAssets, which a business firm gets in the beginning of the year
CAssets, which are financed by bank loan.
DImmovable assets like Land, Building etc.
Question - 9
The obligations of an enterprise other than owner's fund are known as -