_____________are interested to know whether the business has earned a profit or loss during a particular period.

(a)

Owners

(b)

Management

(c)

Employees

(d)

Producers

Which one of the following is/are the objectives of accounting?

(a)

To keep a systematic record of financial transactions and events

(b)

To ascertain the profit or loss of the business enterprise

(c)

To ascertain the financial position or status of the enterprise

(d)

All of the above

_______ is an amount which is withdrawn for personal use by proprietor.

(a)

Drawings

(b)

Capital

(c)

Cash

(d)

Credit

In India, Accounting Standards are issued by

(a)

Reserve Bank of India

(b)

The Cost and Management Accountants of India

(c)

Supreme Court of India

(d)

The Institute of Chartered Accountants of India

Which of the following method(s) can be used for preparing trial balance?

(a)

Balance method

(b)

Total method

(c)

Total and Balance method

(d)

a, b and c

Purchases of fixed assets on credit basis is recorded in_______

(a)

Purchases book

(b)

Sales book

(c)

Purchases returns book

(d)

Journal proper

The difference in trial balance is taken to _______.

(a)

The capital account

(b)

The trading account

(c)

The suspense account

(d)

The profit and loss account

Depreciation is provided on ____________

(a)

Fixed assets

(b)

Current assets

(c)

Outstanding charges

(d)

All 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

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