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11th Accountancy Monthly Test - 4 ( Introduction to Accounting )

MABS Institution

11th Accountancy Monthly Test - 4 ( Introduction to Accounting )-Aug 2020

Time : 2.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Book of original entry is _______

Ledger
Journal
Balance

Incapability of a person or an enterprise to pay the debts is known as ______

Solvent
Insolvency
Bad debt

External reporting is done for __________________

Journal
Trial balance
Balance Sheet
Ledger

Which one is not a role of an accountant?

Record keeper
Tax Manager
PRO
Owner

Which of the following is the first step in the accounting process?

Identifying the financial transactions
Transfering the entries from journal to ledger
Preparation of Trial balance
Preparation of balance sheet

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

debtor
creditor
profit

The acknowledgement given for cash received is _________

Invoice
Receipt
Account

_____________must be properly maintained to increase their productivity.

Liabilities
Assets
Debtors
None of these

Indirect expenses appear in _______

Trading account
Profit & loss account
debts account

Business transactions may be classified into __________.

one
Two
Three
Four

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

accounting
records
transactions

Interpretation and analysis of financial data are done to assess ______ in business organisation.

loss
profit
progress

_____________ provides the relevant data to make appropriate decisions.

Management
Accounting
Accountant
Leadership

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

Owners
Management
Employees
Producers

Transferring the entries from the journal to the ledger.

Posting
Journal
Ledger
Transaction

________ is irrecoverable debt.

debtor
creditor
bad debt
loan

Which one of the following is/are the objectives of accounting?

To keep a systematic record of financial transactions and events
To ascertain the profit or loss of the business enterprise
To ascertain the financial position or status of the enterprise
All of the above

Financial information for managerial decision making caused emergence of ______ accounting.

Management
Cost
Financial
Corporate

The person who wants to record the business transaction is _______

Businessman
Transactor
Customer

Financial statements do not consider _____________

Assets expressed in monetary terms
Liabilities expressed in monetary terms
Assets expressed in non-monetary terms
Liabilities expressed in non-monetary terms

The first step of accounting cycle.

Transactions
Journalising
Profit & loss account
Trading account

Statement used to measure the arithmetical accuracy of accounts is ______

Balance Sheet
Trial balance
Accounting

The debtors are shown in the balance sheet as an _______

asset
expense
income

_____ ends up with the preparation of trading and profit and loss account and balance sheet.

Cost Accounting
Human Resource Accounting
Management Accounting
Financial Accounting

___________ is the incapability of a person or an enterprises to pay the debts.

Asset
Liability
Insolvency
Sales

Accounting cycle starts with _______

activity
profit
transaction

The activities of a business, which involve transfer of money or money's worth are called _______________

Transactions
Events
Accounting cycle
Costing

_______________also administers prices of certain trades.

Government
Tax authorities
Researchers
Consumers

Accounting information which helps management in decision - making is _______

Cost accounting
Management accounting
Financial accounting

The balance in the trading account is the gross profit or __________.

Net profit
Net loss
gross loss
balance

A person who owns a business is called ___________

Creditor
Proprietor
Debtor
Solvent

____________also require accounting records to submit in courts to prove their claims.

Salesmen
Owners
Producers
Businessmen

Direct expenses appear in _______

Profit & loss account
Trading account
Cash account

______________ wrote his 'Summa de arithmetical'.

Kautilya
Valluvar
Luca pacioli
Chanakaya

The root of financial accounting system is _________

Social accounting
Stewardship accounting
Management accounting
Responsibility accounting

Part - B

Generic 5 - Answer All Question

Explain the Accounting cycle

Narrate the evolution of accounting

What are the bases of accounting? and briefly explain it.

Briefly explain the functions of accounting

Describe the informational needs of external users

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