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Introduction to accounting Test - 4

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Introduction to accounting Test - 4
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Weekly Quiz Competition
  • Question 1
    1 / -0

    What type of transactions we record in the books of accounts?

    Solution

    only transactions that can be measured in terms of money are recorded

  • Question 2
    1 / -0

    The main purpose of accounting is to give a _____________ view of accounting.

    Solution

    it provides complete view of the financial position of the business.

  • Question 3
    1 / -0

    Where _____ends _______ begins

    Solution

    book keeping involves only recording and classifying whereas accounting in addition to these involve summarising interpreting and communication of end result.

  • Question 4
    1 / -0

    The person from whom goods are purchased on credit is known as ____

    Solution

    when we purchase the good liability is created called creditor

  • Question 5
    1 / -0

    Goods/Assets or Cash used for personal use by a businessman is called______

    Solution

    the money goods or asset withdrawn from the business by the owner is called drawings.

  • Question 6
    1 / -0

    Accounting is helpful in replacing the ______

    Solution

    since all the transactions are recorded in chronological order there is no need to remember the transactions.

  • Question 7
    1 / -0

    The objective of financial accounting is to ascertain ______ for a particular period

    Solution

    accounting helps in calculating the profit and loss of the business.

  • Question 8
    1 / -0

    The main purpose of balance sheet is to show_______

    Solution

    balance sheet shows the position of assets and liabilities of the business.

  • Question 9
    1 / -0

    Which of the following does not represents a business transactions?

    Solution

    only transactions of monetary nature are considered as business transactions. efficiency of management is not monetary transaction.

  • Question 10
    1 / -0

    Which one is not the step of accounting

    Solution

    there are five steps in accounting - recording,classifying, summarising,interpreting and communicating the business transactions.

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