Who is considered to be the internal user of the financial information?

(a)

Creditor

(b)

Employee

(c)

Cutomer

(d)

Government

The rule of stock valuation 'cost price or realisable value' whichever is lower is based on the accounting principle of :

(a)

Materiality

(b)

Money measurement

(c)

Conservatism

(d)

Accrual

The incorrect accounting equation 

(a)

Assets = Liabilities + Capital

(b)

Assets = Capital + Liabilities

(c)

Liabilities = Assets + Capital

(d)

Capital = Assets - Liabilities

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 of the following is/are the objective(s) of preparing trial balance?

(a)

Serving as the summary of all the ledger accounts

(b)

Helping in the preparation of final accounts

(c)

Examining arithmetical accuracy of accounts

(d)

a, b and c

The total of the sales book is posted periodically to the credit of ____  

(a)

Sales account

(b)

Cash account

(c)

Purchases account

(d)

Journal proper

A cash book with discount, cash and bank column is called_______

(a)

Simple cash book

(b)

Double column cash book

(c)

Three column cash book

(d)

Petty cash book

A bank statement is a copy of _______.

(a)

Cash column of the cash book

(b)

Bank column of the cash book

(c)

A customer's account in the bank's book

(d)

Cheques issued by the business

Wages paid for installation of machinery wrongly debited to wages account is an error of _______.

(a)

Partial omission

(b)

Principle

(c)

Complete omission

(d)

Duplication

Cash received from sale of fixed asset is credited to ____________

(a)

Profit and loss account

(b)

Fixed asset account

(c)

Depreciation account

(d)

Bank account