Financial position of a business is ascertained on the basis of ______.

(a)

Journal

(b)

Trial balance

(c)

Balance Sheet

(d)

Ledger

Financial or business transaction is recorded, according to accrual concept of accounting ________.

(a)

When Cash is received or paid 

(b)

When transaction occurs

(c)

When Profit is Compted 

(d)

When balance sheet is prepared

An entry is passed in the beginning of current year is called _________

(a)

Original entry

(b)

Final entry

(c)

Opening entry

(d)

Adjusting entry

Purchases of fixed assets on credit basis is recorded in_______

(a)

Purchases book

(b)

Sales book

(c)

Purchases returns book

(d)

Journal proper

Debit balance in the bank column of the cash book means _______.

(a)

Credit balance as per bank statement

(b)

Debit balance as per bank statement

(c)

Overdraft as per cash book

(d)

None of the above

________________can also be made through bank

(a)

Payments

(b)

Receipts

(c)

Both

(d)

None of these

Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited?

(a)

Senguttuvan account

(b)

Sales returns account

(c)

Returns outward account

(d)

Purchases returns account

______________ are the resources owned by the business.

(a)

Purchases

(b)

Capital

(c)

Liabilities

(d)

Assets

If there is no existing provision for doubtful debts, provision created for doubtful debts is ______.

(a)

Debited to bad debts account

(b)

Debited to sundry debtors account

(c)

Credited to bad debts account

(d)

Debited to profit and loss account

______ earned during the period must be compared with the expenses incurred during the period.

(a)

Incomes

(b)

Revenues

(c)

Profit

(d)

Loss