Debit balance in the bank column of the cash book means ____________.

1. Credit balance as per bank statement

2. Debit balance as per bank statement

3. Overdraft as per cash book

4. None of the above

An entry Rs.75 has been debited to Rajesh's A/c as Rs. 57 an error of __________.

1. Error of principle

2. Error of Commission

3. Error of Omission

4. Compensating errors

Record of business transactions in the journal is known as_____________

1. Journal entry

2. Ledger

3. Book-keeping

4. Accounting

Basic unit for measurement in accounting is _______

1. account

2. voucher

3. monetary value

Bank account will show__________balance

1. Debit

2. Credit

3. Debit (or) Credit

4. None

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

1. revenue

2. expense

3. income

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

1. Accounting equations

2. Transactions

3. Accountants

4. Book keeping

An amount of Rs.200 received from A credited to B would affect_________.

1. Accounts of A and B

2. A's Account

3. Cash Account

4. B's Account

Journal Proper is used to record________.

1.  All cash and credit transaction

2. Cash and credit sales

3. Cash and credit purchases

4. adjusting and closing entries

____________ also ensures the correctness of language syntax used.

1. Application software

2. Utilitysoftware

3. System software

4. Language processors

Net profit is

1. Debited to capital account

2. Credited to capital account

3. Debited to drawings account

4. Credited to drawings account

When the balance as per Cash Book is the starting point to ascertain balance as per bank statement, direct deposits by customers are

1. Added

2. Subtracted

3. not adjusted

4. None of these above

The errors that make up for each other or neutralise each other are known as _______________

1. Compensating Errors

2. Rectifying Errors

3. Both

4. None of these

All the business transactions are recorded in the book of _______________

1. accounts

2. book keeping

3. transactions

4. none of these

Under equation approach, the accounts are classified int ________ categories.

1. 3

2. 4

3. 5

Which of the following device primarily used to provide hard copy?

1. CRT

2. Pen drive

3. Printer

4. Card Reader

The accounts are balanced

1. at the end of the accounting period

2. after a certain period

3. in the begining of the accounting period

4. both (a) & (b)

Life Insurance Corporation of India is_______.

1. natural person

2. artificial person

3. representative person

Which one is matched correctly?

1. Land & building - current assets

2. Goodwill - non-current liabilities

3. Patents - intangible assets

4. Sales - expenses

Goods taken by the proprietor for domestic use should be credited to __________account

1. proprietor's drawings

2. sales

3. purchases

Wages paid to workers for the installation of a new machinery should be debited to ___________account.

 

1. wages

2. machinery

3. factory expenses

Net loss is

1. Debited to capital account

2. Credited to capital account

3. Debited to drawings account

4. Credited to drawings account

The word__________ means payment in advance

1. imprest

2. loan

3. money

4. petty cash

Expenses which have been incurred in the accounting period but not paid till the end of the accounting period are called______.

1. Outstanding expenses

2. Prepaid expenses

3. Accrued income

4. Income received in advance

______ entries are passed in the journals proper for transferring an item entered in one account to another Account.

1. Opening

2. Closing

3. Adjusting

4. Transfer

____________ account is prepared to find out the difference between the revenue from sales and cost of goods sold.

1. Trading

2. Profit and Loss

3. Balance

4. Statement of affairs

Debit balance in the Cash book means________________

1. Overdraft as per Pass book

2. Credit balance as per Pass book

3. Overdraft as per Cash book

4. None of these

Amount spent on servicing office Typewriter should be debited to:

1. Repairs account

2. Typewriter account

3. Miscellaneous expenses account

4. Drawings account

The credit balance in the Bank account is____________.

1. An asset

2. A liability

3. An expense

4. None of the above

Credit balance in the bank column of the cash book means

1. Credit balance as per bank statement

2. Debit  balance as per bank statement

3. overdraft as per cash book

4. None of these above

______________ are the resources owned by the business.

1. Purchases

2. Capital

3. Liabilities

4. Assets

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

1. Going concern

2. Consistency

3. Prudence

4. Accrual

All the expenses incurred on the purchase of goods are ____________

1. Direct expenses

2. Indirect expenses

3. Selling expenses

4. Administration expenses

The total of discount column on the debit side of the cash book is posted to the ___________

1. Credit side of the discount allowed account

2. Debit side of the discount allowed account

3. Both (a) and (b)

4. None of the above

The total of the bills receivable book is posted to the debit of _____ account.

1. bills payable

2. bills receivable

3. both

4. none of these

Amount owned by the proprietor is called

1. Assets

2. Liabilities

3. Capital

4. Drawings

Balances in the Nominal accounts are

1. Carried forward to next accounting year

2. Carried forward to Trading and Profit and Loss A/c

3. Carried forward to Balance Sheet

4. None of the above

As per the accounting period assumption, the books of accounts are closed once in a ________

1. week

2. month

3. year

Accounting equation is a ____ expression which. shows that the total of assets is equal to the total liabilities and capital.

1. scientifical

2. mathematical

3. social

4. all the above

A bank pass book is a copy of_____________

1. the cash column of a customer's cash book

2. the bank column of a customer's cash book

3. the customer's account in the bank's ledger

4. none of these

From the following particulars, prepare single column Cash book of Mr. Arun

2017 Mar		Rs
1	Cash in hand	1,000
4	Cash Purchases	2,000
7	Cash Sales	4,000
8	Paid to Babu	2,500
9	Received cash from Cheran	5,000
13	Paid into Bank	5,000
14	Cash withdrawn from bank	2000
18	Paid wages	500
20	Bought Furniture	1000
28	Salary	1500

What is sales returns book?

Find out the rate of depreciation under straight line method from the following details:
Original cost of the asset = Rs.10,000
Estimated life of the asset = 10 years
Estimated scrap value at the end = Rs.2,000

Explain the features of capital expenditure.

Give adjusting entry for depreciation at 10% p.a. on machinery of Rs.25,000.

What is a receipt?

Calculate due date.

Date of the bill	Period
1.3.2018	2 months
12.07.2018	1 month
01.10.2018	30 days

On 31st March, 2017, Net profit before charging commission is Rs 11,000. Adjustment: Provide manager’s commission at 10% on the profit after charging such Manager’s commission,Pass adjusting entry.

Correct the following entries wherever you think:
Salaries paid to clerk for Mr. Rajaram :
Salaries A/c Dr.
To Rajaram A/c

1. Rectify the following errors discovered after the preparation of the trial balance:
   (a) Rent paid was carried forward to the next page Rs.500 short.
   (b) Wages paid was carried forward Rs.250 excess.

2. What business documents are needed to maintain the subsidiary books?

What is meant by rectification of errors?

How are Personal Accounts classified?

What is meant by journalising?

What is invoice?

Vicai.org. Refer under Resources, Accounting Standards and Ind AS.

Accounting equation remains intact under all circumstances. Justify the statement with the help of an Example.

Pass necessary journal entries to rectify the following errors located after the preparation of trial balance:
(a) Sales book was undercast by Rs.1,000.
(b) A amount of Rs.500 paid for wages was wrongly posted to machinery Account.

What is sales book?

Classify the following under personal, Real and Nominal Account.

What do you mean by business entity concept?

Consider the following information:
Loan amount Rs.3,00,000
Number of payment periods 48 months
Annual rate of interest 10%
Calculate periodic payment using PMT function.

What are the objectives of book-keeping?

What are the various types of accounting software?

"Business units last indefinitely". Mention and explain the concept on which the statement is based.

From the following balances extracted from the books of Mrs. Umashankar a trader, prepare trial balance as on 31.03.2015.

	Rs		Rs
Capital	44,000	Interested on investment	2,000
Bills receivable	5,000	Customs duty	3,000
Wages	800	Computer	20,000
Drawings	4,000	Sales	72,000
Purchases	75,000	Opening stock	10,200

Enter the following transactions in the Purchases Book of M/s. Kannan Garments.

2011 Sep 5	Purchased from Gupta Bros. as per Invoice No. 171
	120 White Shirts @ Rs 95 each
	60 School Tie @ Rs 40 each
Sep 19	Purchased a computer for office use from Mis. Hari Tech for Rs 30,000 as per Invoice No.207
Sep 20	Purchased from Jain Bros. as per Invoice No. 180
	70 Pairs Socks @ Rs 18 each
	90 Skirts @ Rs 130 each
	Less: Trade Discount 10%
Sep 22	Purchases from Verma & Co. as per Invoice No. 261
	65 T-shirts @ Rs 115 each
	80 Trousers @ 180 each
	Less: Trade Discount 20%

What are the informational needs of internal users?

Describe the various steps involved in accounting process?

Explain the Process of Accounting cycle.

Write a note on error of principle by giving an example

What are the classifications of expenditures?

What is meant by the term "cheque not yet presented?"

Write the transactions from the Journal Entries.
Loss by fire A/c
To Purchases A/c

The following balances are extracted from the books of Murali, as on 31st March, 2017. Prepare trial balance.

Particulars	Rs	Particulars	Rs
Sales	35,000	Audit fees	1,000
Interest paid	350	Octroi duty	8,000
Returns inward	2,500	Land	90,000
Depreciation	2,400	Capital	60,000
Office rent	2,000	Bank overdraft	11,250

Explain the features of double entry system.

Explain the various methods of preparing trial balance.

What is cash book? What are its features?

Explain the procedure for balancing a ledger account.

Prepare trading account in the books of Mr.Sanjay for the year ended 31st December 2017:

Particulars	Rs	Particulars	Rs
Opening stock	570	Purchases	15,800
Sales	26,200	Purchases returns	90
Sales returns	60	Closing stock	860

What are final accounts? What are its constituents?

Abstracts from the trial balance as on 31st March, 2016:

Particulars	Debit Rs
Sundry debtors	52,000
Bad debts	1,000

Adjustments:
(i) Additional bad debts Rs. 2,000
(ii) Create 5% provision for bad and doubtful debts
You are required to pass necessary adjusting entries and show how these items will appear in final accounts.

Pearlita is a trader. She buys and sells electronic goods. She maintains double entry bookkeeping. She purchases and sells goods both on cash and credit bases. If the purchased goods are not in good condition, she sends them back to her supplier. At the same time, she also accepts if her customers return the goods sold to them, when the goods are not in good condition. She maintains a bank account for her business. She receives and pays money through bank transactions. Now, discuss on the following.

Record the following transactions in the proper subsidiary books of Mis. Sunil & Co., and cost them to the Ledger.

2013 Apr 1	Goods sold to Ramesh Rs 1,000
Apr 5	Sold goods to Kumar Rs 2,200
Apr 8	Sold goods to Shankar Rs 300
Apr 10	Goods returned by Kumar Rs 600
Apr 15	Credit Note sent to Shankar for Rs 200 being the Invoice overcharged.

From the following balances. extracted from the books of Pearl, a trader, prepare trial balance as on 31st March, 2017.

Particulars	Rs	Particulars	Rs
Capital	44,000	Interest on investment	2,000
Bills receivable	5,000	Customs duty	3,000
Wages	800	Computer	20,000
Drawings	4,000	Sales	72,000
Purchases	75,000	Opening stock	10,200

Prepare Trial Balance as on 31.3.2014 from the books of Thiru. Sridhar.

Name of the account	Rs	Name of the account	Rs
Capital	1,49,000	Drawings	14,000
General Expenses	7,000	Building	22,000
Machinery	68,680	Stock	32,400
Power, Fuel	4,480	Insurance	2,610
Wages	14,400	Creditors	55,000
Bad debts	1,100	Loan (Cr.)	35,760
Sales	1,30,720	Purchases	94,000
Car	1,44,000	General Reserve	1,800
Commission (Cr.)	4,640	Car Expenses	3,600
Bills Payable	17,700	Cash	14,740
Bank Overdraft	28,600	Discount (Dr.)	210

Prepare trading account of Archana for the year ending 31st December 2016 from the following information.

Debit balance	Rs.	Credit balance	Rs.
Opening stock	80,000	Purchases returns	10,000
Purchases	8,60,000	Sales returns	3,16,000
Freight inwards	52,000	Import duty on purchases	30,000
Wages	24,000	Sales	14,40,000

Adjustments:
(a) Closing stock Rs. 1,00,000
(b) Wages outstanding Rs. 12,000
(c) Freight inwards paid in advance Rs. 5,000.

From the following transactions of Shyam, a stationery dealer, pass journal entries for the month of August 2017

August
1	Commenced business with cash Rs.4,00,000, Goods Rs.5,00,000
2	Sold goods to A and money received through RTGS Rs.2,50,000
3	Goods sold to Z on credit for Rs.20,000
5	Bill drawn on Z and accepted by him Rs.20,000
8	Bill received from Z is discounted with the bank for Rs.19,000
10	Goods sold to M on credit Rs.12,000
12	Goods distributed as free samples for Rs.2,000
16	Goods taken for office use Rs.5,000
17	M became insolvent and only 0.80 per rupee is received in final settlement
20	Bill of Z discounted with the bank is dishonoured

Calculate depreciation under Straight Line Method using Spreadsheet based on the details given below.

A	B	C	D	E	F
Asset	Cost of purchase	Installation charge	Transportation charge	Salvage value	Life in years
1. Machinery	200000	20000	5000	25000	10
2. Furniture	50000	4000	2000	5000	8

1. Karthick opened a provisions store on pt April, 2017. Journalise the following transactions in his books:

   2017 April		Rs
   1	Paid into bank for opening a current account	2,00,000
   3	Goods purchased by cheque	40,000
   5	Investments made in securities	40,000
   6	Goods sold to Radha for Rs.20,000 and cheque received and deposited into bank
   7	Amount withdrawn from bank for office use	15,000
   10	Purchased goods from Kamala and cash deposited in CDM	10,000
   12	Sold goods to Vanitha who paid through debit card	10,000
   15	Interest on securities directly received by the bank	1,000
   20	Insurance paid by the bank as per standing instructions	2,000
   25	Sales made to Kunal who made payment through CDM	6,000

2. From the transactions given below, prepare the sales book of Kumar Stationery for July 2017.

   2017
   July 5	Sold on credit to Saravana Traders of Sayalkudi
   	10 packs of A4 sheets @ Rs 250 per pack
   	10 dozens of writing pads @ Rs 850 per dozen
   	Less: 10% trade discount for both
   July 8	Sold to Raja for cash
   	15 packs of A4 sheets @ Rs 250 per pack
   May 20	Sold to Mohan & Co. of Mudukulathur
   	5 white boards @ Rs 2,200 each
   	10 dozens of writing pads @ Rs 850 per dozen
   July 23	Sold on credit to Narayanan old motor car for Rs 5,000
   July 28	Sold to Kumaran for cash 15 packets of marker pens @ Rs 250 per packet

Journalise the following transactions of Nambi. 2012, August

Date		Rs.
1	Commenced business with	75,000
5	Bought computer for	30,000
7	Rajan purchased goods on credit from Nambi	15,000
10	Thirumalai sold goods to Nambi	25,000
15	Computer sold for	26,000

Enter the following transaction in the Cash Book with Discount and Cash Columns of Mr. Guru.

Sep., 2013	Rs.
1 Cash in hand	19,000
3 Sold goods for cash	10,000
4 Credit purchases from Venkat	18,000
6 Received from Mohan Rs 4,160 and Discount allowed to him	40
8 Paid for Electricity charges	850
9 Cash deposited in bank	20,000
14 Paid cash to Venkat in full settlement	17,600
24 Received cash from Velu	4,800
26 Salaries paid	4,000
28 Cash. drawn from bank	5,000

Rectify the following Journal Entries.

			Rs	Rs
(i)	Purchases A/c	Dr.	5,000
	To Cash A/c			5,000
	(Purchase of furniture)
(ii)	Anbu A/c	Dr.	10,000
	To Cash A/c			10,000
	(Salary paid to Anbu)
(iii)	Raju A/c	Dr.	3,000
	To Cash A/c			3,000
	(Rent paid)
(iv)	Sales A/c	Dr.	10,000
	To Cash A/c			10,000
	(Credit sale to Naresh)
(v)	Cash A/c	Dr.	15,000
	To Babu A/c			15,000
	(Cash Sales)