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11th Accountancy Weekly Test - 3 ( Introduction to Accounting )

MABS Institution

11th Accountancy Weekly Test - 3 ( Introduction to Accounting )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

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

Transactions
Events
Accounting cycle
Costing

The document prepared by the seller when he sells goods to the buyer is _____________.

Voucher
Invoice
Receipt
Ticker

Which section of Indian Companies Act 2013 says that all companies should maintain books of accounts on accrual basis of accounting

Sec. 128 (3)
Sec. 128 (4)
Sec. 128 (5)

The incomplete system of accounting is _______.

Double Entry system
Single Entry system
Double account system
none

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

loss
profit
progress

Which one is not a role of an accountant?

Record keeper
Tax Manager
PRO
Owner

____________of a business have to be repaid in due time.

Assets
Sales
Liabilities
None of these

The famous book "Arthasastra" was written by

Kautilya
Chandrakupta
Luco Pacioli
Batlibai

Accounting cycle starts with _______

activity
profit
transaction

_____________must be properly maintained to increase their productivity.

Liabilities
Assets
Debtors
None of these

The term PF for employees refers to _______

Provident Fund
Reserve Fund
Party Fund

______ refers to financial obligation of the business.

Asset
Liability
Loss
Expense

The debtors are shown in the balance sheet as an _______

asset
expense
income

When goods meant for resale are sold it is called as ______

Purchases
Sales
Income

The stage of book-keeping is ______

primary
secondary
last

test_acc_mabs details?

All the business transactions are recorded in the book of _______________

accounts
book keeping
transactions
none of these

________ is irrecoverable debt.

debtor
creditor
bad debt
loan

________ is said to be the root of accounting.

Cost Accounting
Stewardship Accounting
Management Accounting
None of the above

Who is considered to be the external user of the financial information?

Employee
Owners
Management
Creditors

Goodwill is an examples of ______________

Tangible assets
Liabilities
Intangible assets
Capital

External reporting is done for __________________

Journal
Trial balance
Balance Sheet
Ledger

Any written or printed document in support of a business transaction is called ________.

Receipt
Credit Note
Dabit Note
Voucher

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

accounting
records
transactions

Transferring entries from journal to ledger is called ______

Journalising
Ledger
Loss
Posting

Who is the author of double entry book - keeping?

Rosenkampf
Luca Pacioli
Shukla

The industrial revolution took place in ______________

18th century
19th century
20th century
21th century

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

What is decreased by the amount of losses incurred and the amounts withdrawn by the proprietor?

Assets
Liabilities
Capital
Drawings

__________ refers to choosing a desirable course of action from alternative course of actions.

Control
Forecasting
Decision Making
None of the above

The creditors are shown in the balance sheet as _______

an asset
a liability
a loss

_______ is called as a document which support a business transaction.

Receipt
Voucher
Bill

Gradual and permanent decrease in the value of fixed assets is _______

obsolescence
wear & tear
depreciation

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

debtor
creditor
profit

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

Owners
Management
Employees
Producers

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