_______________involves recording of transactions and events which are financial in nature.

(a)

Financial Accounting

(b)

Cost Accounting

(c)

Management Accounting

(d)

Human Resource Accounting

A firm purchased five briefcases for its managers costing  Rs.1000 each. The accountant charged it to profit and loss account instead of showing as an asset this was done under _______

(a)

Consistency concept

(b)

Business entity concept

(c)

Money measurement concept

(d)

Materiality concept

Capital = Rs.60,000; Assets = Rs.1,35,000; Liabilities = ?

(a)

Rs. 1,95,000

(b)

Rs.75,000

(c)

Rs.60,000

Nominal account having Debit balance represents _________________

(a)

income/gain

(b)

expenses/losses

(c)

liability

(d)

assets

Entries in the purchases day book are made from invoices which are popularly known as _____

(a)

Invoice

(b)

Bills

(c)

Journals

(d)

Ledger

Journal Proper is used to record________.

(a)

 All cash and credit transaction

(b)

Cash and credit sales

(c)

Cash and credit purchases

(d)

adjusting and closing entries

Statement: Under which method the value of  an asset can never be completely extinguished. Find out which of the following is related to the statement.

(a)

Straight line method

(b)

Diminishing balance method

(c)

Annuity method

(d)

Depletion method

The Liabilities which are to be repaid after one year or more are termed as __________

(a)

Long-term liabilities

(b)

Short-term liabilities

(c)

Contingent liabilities

(d)

None of these

The income which has been earned during the current accounting year but .not received till the end of that accounting year is called as _____

(a)

Outstanding expenses

(b)

Prepaid expenses

(c)

accrued income

(d)

Received income

___________ codes are applied primarily to source documents.such as cheques, invoices, etc.

(a)

Sequential codes

(b)

Block codes

(c)

Mnemonic codes

(d)

None of these