____________ are recorded as and when they take place with the written and authentic proof.

1. Accounting equations

2. Transactions

3. Accountants

4. Book keeping

All the business transactions are recorded in the book of _______________

1. accounts

2. book keeping

3. transactions

4. none of these

The other name given for accrual basis is _______

1. Mercantile basis

2. Cash basis

3. Credit

_________ requires analytical skill.

1. Accounting

2. Single entry

3. Book-keeping

4. Ledger

Atul purchased a car Rs. 5,00,000 , by making down payment of Rs.1,00,000 and signing a Rs. 4,00,000 bill payable due in 60 days. As a result of this transaction. 

1. Total assets increase by Rs. 5,00,000

2. Total liabilities increase by Rs.4,00,000

3. Total assets increase by Rs. 4,00,000

4. Total assets increase by Rs. 4,00,000 with a corresponding increase in liabilites by Rs. 4,00,000

_________code, a range of numbers K partitioned into a desired number of sub-ranges and each sub-range is allotted to a specifc group.

1. Mnemonic codes

2. Block codes

3. Sequential codes

4. None of these

Which of the following books should be used to record purchase of furniture on credit?

1. Purchases book

2. Goods account

3. Cash book

4. Journal proper

If the rate of depreciation is same, then the amount of depreciation under straight line method vis-à-vis written down value method will be

1. Equal in all years

2. Equal in the first year but higher in subsequent years

3. Equal in the first year but lower in subsequent years

4. Lower in the first year but equal in subsequent years.

The basic accounting equation i.e. Capital + Liabilities = Assets is based on

1. Matching concept

2. Periodicity concept

3. Dual aspect concept

4. Accrual concept

If a company fails to make mention of a major law suit filed against it, which it might lose, the Accounting principle violated is that of ____________________

1. Conservatism

2. Cost principle

3. Materiality

4. Full disclosure

Book-keeping provides the basis for accounting and it is ______ to accounting process.

1. Elementary

2. Complementary

3. Supplementary

Matching concept is based on the_____________________

1. Accrual Concept

2. Going concern concept

3. Money measurement concept

4. Accounting Period Concept

Double entry in cash book is completed when:

1. Salaries are paid by cheque

2. Withdrawal of money from bank for personal use

3. Deposited cash into bank

4. None of these

The amount receivable or realised from sale of goods and the earnings from interest, dividend, commission, etc., is

1. revenue

2. expense

3. income

Cash, is classified under_________.

1. nominal A/c

2. real A/c

3. personal A/c

_____ of the bill means the non payment of bill, when it is presented for payment.

1. Dishonour

2. Renewal

3. Retiring

4. Discounting

Which one of the following is not a fundamental accounting assumption?

1. Going concern

2. Consistency

3. Prudence

4. Accrual

Materiality principle tells that all the' important information should be _______

1. disclosed

2. not disclosed

3. cleared

Discount allowed column appears in ____________ side of the cash book.

1. debit

2. credit

3. asset

4. liabilities

___________ discount is allowed to the parties making prompt or immediate payment.

1. Trade

2. Credit

3. Cash

4. None of these

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

1. Rs.1,60,000

2. Rs.60,000

3. Rs.1,00,000

4. Rs.40,000

The most common imprest system is the ________systems.

1. pretty cash

2. cash book

3. cash receipt

4. discount

According to _______________ concept, revenue is considered as being earned on the date at which it is realised.

1. Matching concept

2. Realisation concept

3. Objective evidence

4. Accrual

Posting on the Credit side of an account is written as _______________

1. To

2. By

3. Being

4. Narration

_____________are interested to know whether the business has earned a profit or loss during a particular period.

1. Owners

2. Management

3. Employees

4. Producers

The process of finding the net amount from the totals of debit and credit columns in a ledger is known as

1. Casting

2. Posting

3. Journalising

4. Balancing

Contra Entries are passed only when ___________

1. Double column cash book is prepared

2. Three column cash book is prepared

3. Multi-column cash book is prepared

4. Single column cash book is prepared

____________ are assets.of a' relatively permanent nature used in the operations of business and not intended for sale

1. Fixed Assets

2. Current Assets

3. Tangible Assets

4. Intangible Assets

The physical components of a computer constitute its _____________

1. Hardware

2. Software

3. Keyboard

4. Mouse

Total of debit > Total of credit = __________.

1. Debit balance

2. Credit balance

3. Nil balance

4. Trial balance

When errors are located and rectified, _______________ automatically gets closed.

1. Suspense account

2. Journal account

3. Trial balance

4. Final account

___________ is the process of recording business transactions in the books of accounts in a systematic way.

1. book keeping

2. Accountancy

3. Statistics

4. none of these

The credit balance in the Bank account is____________.

1. An asset

2. A liability

3. An expense

4. None of the above

Which of the following statements is not true?

1. Cash discount is recorded in the books of accounts

2. Assets purchased on credit are recorded in journal proper

3. Trade discount is recorded in the books of accounts

4. 3 grace days are added while determining the due date of the bill

Bank account will show__________balance

1. Debit

2. Credit

3. Debit (or) Credit

4. None

Goodwill is an _______

1. Tangible asset

2. Ficticious asset

3. Intangible asset

Depreciation is deducted from concerned ______ in the Balance sheet.

1. Current asset

2. Fictitious asset

3. Fixed asset

4. None of these

According to _____________ concept only business transactions are recorded.

1. Dual aspect

2. Cost

3. Business entity

4. Money measurement

___________ items are to be shown in the Balance sheet.

1. Capital

2. Expense

3. Revenue

4. Loss

Premium on the issue of shares is ___________

1. Capital receipt

2. Revenue receipt

3. Capital expenditures

4. Revenue expenditures

The Trial balance as on 31-03-2016 shows. Sundry debtors Rs.25,000. Write off Rs.1,000 as bad debts. The amount of provision for bad and doubtful debts at 5% will be ______

1. Rs.1,300

2. Rs.1,200

3. Rs.1,250

4. Rs.1,050

In every business, certain ____________ assets are usedfor the conduct' of business operations.

1. fixed

2. current

3. tangible

4. intangible

The root of financial accounting system is _________

1. Social accounting

2. Stewardship accounting

3. Management accounting

4. Responsibility accounting

As per the business entity concept, even for the capital given by the proprietor, he is treated as _________

1. owner

2. debtor

3. creditor

If a cheque issued by us is dishonoured the credit is given to ____________

1. Suppliers A/c

2. Customer's A/c

3. Bank A/c

4. Cash A/c

When the total of debits and credits are equal, it represents ___________

1. debit balance

2. credit balance

3. nil balance

Components of CAS can be classified into _______ categories.

1. Six

2. Seven

3. Five

4. Three

_____ is maintained to record only credit sale of goods in which the business dealing.

1. Purchases book

2. Sales book

3. Cash book

4. Purchases returns book

The Capital of a sole trader is affected by_________.

1. Purchase of raw material

2. Commission received

3. Cash received from trade receivables

4. Purchase of an asset for cash

When a bill is accepted, it will be entered by the acceptor, in_________.

1. bills book

2. bills receivable book

3. bills payable book

test_acc_mabs details?

Which one is matched correctly?

1. Land & building - current assets

2. Goodwill - non-current liabilities

3. Patents - intangible assets

4. Sales - expenses

Bank reconciliation statement is prepared by the_____________.

1. bank

2. creditor of a business

3. customer of a bank

Which of the following is a source document?

1. Voucher

2. Journal

3. Transaction

4. None

Current Liabilities does not include

1. Sundry Creditors

2. Bills Payable

3. Debentures

4. Outstanding Expenses

The term depletion is used in relation to _____________

1. Fixed assets

2. Current assets

3. Wasting assets

4. Intangible assets

Transferring the title of the bill to another person is _____________.

1. discounting of bills

2. endorsement of bills

3. dishonour of bills

________means signing on the face or back of a bill for the purpose of transferring the title of the bill to another person.

1. Endorsement

2. Discounting

3. Retiring of bill

4. Renewal

When one or both aspects of a transaction are recorded in the wrong category of an account this is called_________.

1. Error of principle 

2. Error of Omission

3. Error of Commission

4. Error of original entry 

Closing entries are recorded in _____

1. Cash book

2. Ledger

3. Journal proper

4. Purchases book

The activities of a business, which involve transfer of money or goods or services between two persons or two accounts are ______

1. accounting

2. records

3. transactions

Return of cash sales is recorded in________.

1. Sales Return book

2. cash book

3. Journal proper

4. None of these above

Ledger is a book of _______________

1. original entry

2. final entry

3. all cash transactions

4. none of these

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

1. debtor

2. creditor

3. profit

________________of a firm has to make innumerable routine and strategic decisions while discharging its functions.

1. Book-keeping

2. Accounts

3. Management

4. All the above

In 1494, _________ an Italian developed double-entry book-keeping system.

1. Luca Pacioli

2. Kautilya

3. Wheeler

4. R.N. Carter

Trade discount is allowed on ___________

1. Purchases

2. Sales

3. Sales return

4. None of these

Trial balance is prepared:

1. At the end of the year

2. On a particular date

3. For a year

4. None of the above

Equity + Liabilities = ______

1. Capital

2. Creditors

3. Assets

4. None of these

______ is treated asbusiness expense.

1. Interest on capital

2. Interest on drawings

3. Both 'a' and 'b"

4. None of these