- A person who owes money to the business is a ...................
(Debtor)| - Amount spent for purchasing fixed asset is a ............................
(Capital expenditure) - Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented.............................
(Understandability) - Find out the odd one out and state reason.
a) Share capital b) Debenture c) sundry creditors d) Long term loans.
(Sundry creditors others are long term liabilities.) - Value of goods remaining unsold at the end of an accounting period is termed as.................
(closing stock) - Arun, a sole trader, draw Rs. 500 from the business for paying tuition fees to his child. This amount is termed as..................
(Drawings) - ........................assets are those assets, which do not have physical form
(Intangible) - The amount earned by a business concern through sale of its products or providing services to customers is called ..............................
(Revenue) - The asset bought for long term use in the business are termed as ...............asset
(Fixed) - Analysis of recorded data to bring entries of similar nature to one place is called .............
(classifying) - A person who entitled to get money from the business is termed as..................
(creditor) - Information in financial business is based on .......... Transaction
(economic) - All claims against the business are called ....................
(Equity) - .................... transaction is one wherein payment or receipt of money is postponed for a future date.
(credit) - The ledger folio column of the journal is used to ..........
(Record the page number of the ledger account.) - Excess of assets over liability is........................
(capital) - Properties used in the business is .............
(Asset) - Claim by creditors to the property of a business ...................
(liability) - Owner’s right and claims to the business.................
(capital) - Asset can be converted in to cash with in an year is called..........
(current asset) - The current liabilities are used to denote those liabilities which are payable.............
(with in an year) - Discount allowed to a customer is ...................... To the business
(Expense) - The cost incurred by a business in the process of earning revenue is..................
(expense) - Accounting provides information on
(A) Cost and income for managers (B) Company’s tax liability for a particular year (C) Financial conditions of an institution (D) All of the above
(Ans: D) - The long term assets that have no physical existence but are rights that have value is known as
(A) Current assets (B) Fixed assets (C) Intangible assets (D) Investments
(Ans: C) - The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
Current assets - The following is not a type of liability
(A) Short term (B) Current (C) Fixed (D) Contingent
(Ans: A) - The liabilities that are payable in more than a year
(Fixed liabilities) - Any written evidence in support of a business transaction is called
( Voucher) - The accounts that records expenses, gains and losses are
(Nominal accounts ) - The process of entering all transactions from the journal to ledger is called
(Posting )