NAT IIM Management Science Finance Hard Test

Sr. #	Questions	Answers Choice
1	Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.	Recognized Not recognized Paid Received
2	Which one is not accounting convention?	Materiality Full disclosure Consistency Going concern
3	Offsetting expenses against revenue is the concept of:	Realization Dual aspect Matching Conventions
4	Accounts which are related with properties are known as	Real accounts Nominal accounts Property accounts A and C are correct Accounting principles:
5	The stages of accounting cycle are	Transaction-ledger-journal-trial balance-final accounts Transaction-journal-ledger-trial balance-final accounts Transaction-journal-trial balance-ledger-final accounts Transaction-journal-ledger-final accounts-trial balance
6	Compound entry is an entry in which:	More than one account is debited More than one account is credited Both a and b are correct None of the above
7	Accounting is the	Art Science Both None
8	How many types of bank accounts are there?	4 3 5 6
9	Any written evidence of a business transaction is known as	Voucher Pay-in-slip Debit note Credit note
10	Name the main accounts which are prepared in accounting?	Assets, liabilities, income and expenses Assets, liabilities, income and revenue Assets, owner's equity, income and expenses Assets, liabilities and expenses
11	According to possible for an event or transaction which is not measurable in terms of money	True False May be None
12	What is accounting period?	It is a time for which business prepares its financial statements It is time for which business prepares its profit and loss statement It is a time for which business prepares its balance sheet None
13	The objective of financial accounting is to ascertain:	True results of profit True results of loss True results of profit or loss None
14	How many branches are there in accounting?	1 3 2 4

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