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Introduction to accounting Test - 5

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Introduction to accounting Test - 5
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  • Question 1
    1 / -0

    What accounting method is followed for the recording of transactions?

    Solution

    every transaction in recording has two effects

  • Question 2
    1 / -0

    Book keeping is mainly concern with

    Solution

    book keeping includes two steps of accounting that is recording and classifying.

  • Question 3
    1 / -0

    Which is the last step of accounting as a process of information

    Solution

    the financial postion of the business is to be communicated to internal and external users.

  • Question 4
    1 / -0

    Posting of entries in the ledger is done from _____

    Solution

    the first step in accounting is to record transaction in journal then from journal it is posted to ledger

  • Question 5
    1 / -0

    Which is the evidence of business transaction

    Solution

    these are the recorded evidence of different business transactions.

  • Question 6
    1 / -0

    Sales is also known as _________

    Solution

    revenue from opeartion is generated from the sale of goods of the business

  • Question 7
    1 / -0

    ______users are the groups outside the business entity who uses the information to make decisions about the business entity

    Solution

    the various external users are banks,financial institution,government, creditors etc.

  • Question 8
    1 / -0

    Which of the following is a limitation of accounting?

    Solution

    the manipulated values shown in books of accounts is known as window dressing.

  • Question 9
    1 / -0

    Following information is related to Trade discount except

    Solution

    it does not encourage debtor to pay money on time.

  • Question 10
    1 / -0

    A company prepares statement of Profit and Loss in the form prescribed in the companies act

    Solution

    schedule 6 of comapnies act 2013 prescribes the format of profit and loss account.

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