Accounting - Practice Test

[#1471] Accounting is:

(A) the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at best financial in character, and interpreting there of

(B) a systematic and regular record of events affecting a firm with a view to obtaining a clear financial picture

(C) preparation of various financial statements over a period of time of a firm to measure its performance in monetary terms

(D) nothing but book-keeping

Correct Answer

(A) the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are, in part at best financial in character, and interpreting there of

[#1472] A bill which is not an inland bill is a . . . . . . . . bill.

(A) Outward

(B) Inward

(C) Foreign

(D) New

Correct Answer

(C) Foreign

[#1473] Shankar introduces Rs. 5000 as additional capital in the business. This amount will be considered as:

(A) capital receipt

(B) revenue receipt

(C) capital and revenue receipt

(D) deferred revenue expenditure

Correct Answer

(A) capital receipt

[#1474] A bank reconciliation statement is prepared by . . . . . . . .

(A) Customer of the bank

(B) Bank

(C) Reserve Bank of India

(D) Either B or C

Correct Answer

(A) Customer of the bank

[#1475] Outstanding salaries are shown as:

(A) an expense

(B) a liability

(C) an asset

(D) an income

Correct Answer

(B) a liability

Accounting - Study Mode

[#1471] Accounting is:

Correct Answer

[#1472] A bill which is not an inland bill is a . . . . . . . . bill.

Correct Answer

[#1473] Shankar introduces Rs. 5000 as additional capital in the business. This amount will be considered as:

Correct Answer

[#1474] A bank reconciliation statement is prepared by . . . . . . . .

Correct Answer

[#1475] Outstanding salaries are shown as:

Correct Answer