| 1 |
Which of the following discloses the financial position of the business: |
- A. Trading account
- B. Profit and loss account
- C. Profit and loss appropriation account
- D. Balance sheet
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| 2 |
The system of recording transaction based on dual concept is called |
- A. Double account system
- B. Double entry system
- C. Single entry system
- D. Management system
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| 3 |
Purchased goods on credit and for cash will affect |
- A. cash & goods
- B. cash & creditors
- C. cash creditors & owner's equity
- D. cash goods and creditors
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| 4 |
Modern system of bookkeeping is |
- A. single entry system
- B. double entry system
- C. modern system
- D. none of these
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| 5 |
Double entry means |
- A. entry in two sets of books
- B. entry at two dates
- C. entry for two aspects of a transaction
- D. recording twice in journal
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| 6 |
The accounts of assets and properties |
- A. nominal accounts
- B. real accounts
- C. personal accounts
- D. valuation accounts
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| 7 |
The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are: |
- A. Error of principle
- B. Errors of omission
- C. Errors of commission
- D. Compensating error
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| 8 |
The accounts of expenses, incomes, losses and gains |
- A. real accounts
- B. valuation accounts
- C. nominal accounts
- D. personal accounts
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| 9 |
Accounts relating to persons of firms are called: |
- A. Real accounts
- B. Proprietary accounts
- C. Personal accounts
- D. Nominal accounts
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| 10 |
The act result of the business activities is shown by: |
- A. Profit and loss account
- B. Profit and loss appropriation account
- C. Trading account
- D. Balance sheet
|