Which one of the following is not a main objective of Accounting?

(a)

Systematic recording of transactions

(b)

Ascertainment of the profitability of the business

(c)

Ascertainment of the Financial position of the business

(d)

Solving tax disputes with tax authorities

_______________is provided with a complete picture of the liquidity, profitability and solvency aspects of the business.

(a)

Accounts

(b)

Transaction

(c)

Management

(d)

Book-keeping

The profounder of double entry system of book-keeping is ___________

(a)

J. R. Batlibai

(b)

Luca Pacioli

(c)

Old Kesal

(d)

Menhar

__________________ is basically generating financial information.

(a)

Accounting

(b)

Accountancy

(c)

Economic

(d)

Book keeping

While preparing the trial balance, the accountant finds that the total of the credit column is short by Rs.200. This difference will be

(a)

Debited to suspense account

(b)

Credited to suspense account

(c)

Adjusted to any of the debit balance

(d)

Adjusted to any of the credit balance

______________ is a statement containing the debit and credit balances of all ledger accounts on a particular date.

(a)

Trial Balance

(b)

Balance Sheet

(c)

Trading account

(d)

Profit and loss account

Purchases book is used to record______

(a)

all purchases of goods

(b)

all credit purchases of assets

(c)

all credit purchases of goods

(d)

all purchases of assets

Goods returned by the customers may also be known as _____

(a)

purchase returns

(b)

returns inward

(c)

returns outward

(d)

none of these

Depreciation is provided on ____________

(a)

Fixed assets

(b)

Current assets

(c)

Outstanding charges

(d)

All assets

Pre-operative expenses are ______.

(a)

Revenue expenditure

(b)

Prepaid revenue expenditure

(c)

Deferred revenue expenditure

(d)

Capital expenditure

Which one of the following is not a method of codification of accounts?

(a)

Access codes

(b)

Sequential codes

(c)

Block codes

(d)

Mnemonic codes

What is meant by drawings?

Do you think financial accounting, cost accounting and management accounting can be maintained by the same person?

Define Book Keeping.

Write any two limitations of book-keeping.

Definition of trial balance.

What is Bills?

What are the reasons for goods returned to the supplier?

List out the various methods of depreciation.

What is sinking fund method?

A company has purchased a machinery for Rs.1,80,000 and spent Rs.10,000 for its installation. The estimated life of the machinery is 5 years with a residual value of Rs.15,000. Find out the amount of depreciation to be provided every year.

Classify the following expenditures and receipts as capital or revenue:
i) Rs.10,000 spent as travelling expenses of the directors on trips abroad for the purchase of fixed assets.
ii) Amount received from trade receivables during the year.
iii) Amount spent on demolition of building to construct a large building on the same site.
iv) Insurance claim received on account of a machinery damaged by fire.

What is capital profit?

Give any two examples of readymade software.

Discuss the role of an accountant in the modern business world.

What are the informational needs of internal users?

Write a brief note on Accounting Standards.

"Despite many advantages, double entry system also has some disadvantages". In the light of this statement discuss the advantages of double entry system.

What are the limitations of trial balance?

State the various types of coding methods.