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Introduction to accounting Test - 29

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Introduction to accounting Test - 29
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A person to whom money is owed by the business __________________.
    Solution
    Creditors are persons and/or other entities who have to be paid by an enterprise an amount for providing the enterprise goods and services on credit. 
    The total amount standing to the favour of such persons and/or entities on the closing date, is shown in the Balance Sheet as sundry creditors on the liabilities side.
  • Question 2
    1 / -0
    A person who owes money to the firm is ____________.
    Solution
    A debtor is the one who owes money to the firm i.e the firm has an amount receivable from debtor, which is an asset of the firm.
  • Question 3
    1 / -0
    Financial accounting information is characterized by all of the following except ___________.
    Solution
    'Professional judgement' is required to prepare accounting information since it is based on various accounting assumptions, policies, principles and standards. Therefore, financial accounting information involves professional judgement which cannot be ignored and hence, the statement that the judgement is not required is not correct.
  • Question 4
    1 / -0
    Management accounting involves _______________.
    Solution
    Management Accounting is one of the branch of accountancy which helps management to make useful decisions.
    Therefore, Analysis and interpretation of data is done in the management Accounting.
    This helps management to know about the profitability and solvency of the business.
  • Question 5
    1 / -0
    Drawing are deducted from ___________.
    Solution
    Drawings is the money that is withdrawn by the owner for personal use and is an asset for the company. Capital is money brought by the owner in the business and is liability for the company. Drawings are deducted from the capital to reduce the liability of the company and not shown on the assets side. 
  • Question 6
    1 / -0
    The person to whom goods are sold on credit is known as _____________.
    Solution
    A debtor is a person, company, or other entity that owes money. In other words, the debtor has a debt or legal obligation to pay the amount owed for the goods sold to him on credit.
  • Question 7
    1 / -0
    A specialised branch of accounting concerned with the processes and techniques of ascertaining costs of products and services is _______.
    Solution
    Cost accounting is a specialized branch of accounting concerned with the processes and techniques of ascertaining the costs of products and services. It also pinpoints any wastages, leakages, and defects during manufacturing and marketing processes. There are mainly three branches of accounting and cost accounting is one of them.
    Hence, option (C) is the correct answer.
  • Question 8
    1 / -0
    The person from who goods are bought on credit is known as ____________.
    Solution
    The person from whom goods are bought on credit is known as a Creditor.
    When goods are purchased on credit bases then that person is known as creditor.
    Creditors are current liabilities of the business.
  • Question 9
    1 / -0
    The Branch of Accounting which is concerned with the processing and presenting data for decision making is known as-
    Solution
    The Branch of Accounting which is concerned with the processing and presenting data for decision making is known as Management Accounting.
    Management accounting is the process of preparing reports about business operations that help managers make short-term and long-term decisions.
    There are three branches of accounting and management accounting is one of them.
  • Question 10
    1 / -0
    Accounting is a substitute of ________ .
    Solution
    Accounting is a process of recording, classifying, summarsing and interpretation of  business transactions.
    As information is recorded in the books of the accounts so, there is no need for users to remember each and every information in brain.
    Thus, Accounting is substitute of the memory.
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