Only monetary transactions are recorded in _______ concept of accounting.

(a)

dual

(b)

matching

(c)

money measurement

(d)

prudence principle

Kautilya's Arthasastra was written in__________.

(a)

5^thCentury

(b)

4^th Century

(c)

18^th Centuiy

If the total of the debit side of an account exceeds the total of its credit side, it means

(a)

Credit Balance

(b)

Debit Balance

(c)

Nil Balance

(d)

Debit and Credit Balance

Which one the following represents correct sequence of accounting cycle

(a)

Journal > Trial balance > Ledger > Transaction

(b)

Transaction > Journal > Ledger > Trial balance

(c)

Purchases > Journal > Ledger > Trial balance

(d)

None of the above

" Bills payable discounted in cash by creditor". This transaction will be recorded in__________.

(a)

Journal

(b)

Ledger

(c)

Bank book

(d)

No entry required to be made

When money is withdrawn from bank, the bank _______.

(a)

Credits customer's account

(b)

Debits customer's account

(c)

Debits and credits customer's account

(d)

None of these

Which of the following errors will be rectified using suspense account?

(a)

Purchases returns book was undercast by Rs.100

(b)

Goods returned by Narendran was not recorded in the books

(c)

Goods returned by Akila 900 was recorded in the sales returns book as Rs.90

(d)

A credit sale of goods to Ravivarman was not entered in the sales book

A fixed asset was bought for 75,000. Its accumulated depreciation is 71,000 and rate depreciation is 10%. What are the depreciation expenses for the current accounting period using reducing balance method?

(a)

Rs.600

(b)

Rs.2000

(c)

Rs.500

(d)

Rs.400

Net profit of the business increases the ______.

(a)

Drawings

(b)

Receivables

(c)

Debts

(d)

Capital

The Gross profit or Gross loss is transferred to ___________ account.

(a)

Trading

(b)

Profit and Loss

(c)

Balance Sheet

(d)

Trial Balance