IC 26 CHAPTER 1

Who is responsible for the accounting of Business Transactions and report them to external users ?

Cashier

Accountant

Actuary

Clerk

Which of the following is not a Step in an Accounting Process ?

Identifying Transactions

Recording Monetary Transaction

Reporting a Transaction

Recording Non-monetary Transactions

Which of the following pairs do not show the transactions and its related source documents on the basis of which of the transaction recorded in the books of account ?

Purchase of goods-supplier's invoice

Goods returned -credit note issued by the seller

sale of Asset-cheque received from the purchaser

Sales of goods-entity's invoice

Debit the Receivers and credit the Givers of the benefit rule of Accounting is applicable on

Personal Account

Nominal Account

Real Account

Both A and B

Sometimes Cash may be deposited in the bank and at other times,cash may be withdrawn for use in office .In these cases ,the transactions are called as _________

Contra Transaction

Cash Only Transaction

Sundry Transaction

Invoice

Identify the Correct Accounting Equation

Liabilities=Asset+Capital

Asset=Liabilities+Capital

Asset=Liabilities-Capital

Capital=Asset+Liabilities

The Liabilities of a Co. are Rs.30000 and the Capital is Rs.40000.The Total Asset is =

70000

100000

10000

200000

Which of the following Errors can not be highlighted while preparing a Trial Balance ?

Commission

Posting

Casting

Transposition

The Primary Aim of Accounting is to :

1.Prepare the P/L Account and Balance Sheet
2.Prepare Ledger Account for all Transactions
3.Provide Financial Information to users of such information

Only 1

Only 2

Only 3

Both 1 and 2

A Reciept and Payment account is precisely a revenue account and includes revenue items only

True

False

Both are true

None is True

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