An Asset possessed by the business should be shown in which part of balance sheet?
1.Liabilities
2.Assets
3.Fixed Assets
4.Revenues
Posted Date:-2022-09-15 14:12:28
How many accounts are affected by a business transaction?
1.One
2. Two
3.Three
4.Several
Posted Date:-2022-09-15 14:42:36
Return on Investment =?
1.Net Sales x 100
2.Fixed Assets x 100
3. Total Assets x 100
4.None of the above
Posted Date:-2022-09-15 13:55:31
Revenue - Expenses =?
1.Net Income
2. Net Loss
3.Depreciation
4.None of the above
Posted Date:-2022-09-15 14:33:51
What does improper utilization of resources and over investment in assets indicate?
1.Low Return on Investment
2.Low Sales
3.High Sales
4.Depreciation of Assets
Posted Date:-2022-09-15 13:56:32
What is Activity Ratio?
1.Financial Ratios that measure a firm's ability to convert different accounts into a balance sheet.
2.Ratios that measure a company's ability to pay debt obligations and its margin of safety.
3.Financial measurements that assess the ability of a company to meet its financial obligations
4.The ratio that evaluates the company's ability to generate income as compared to its expenses.
Posted Date:-2022-09-15 13:42:40
What occurs when expenses are greater than income?
1. Net Loss
2.Net Profit
3.Debts
4.Decrease in Assets
Posted Date:-2022-09-15 14:26:23
When does the capital of a company increases?
1.Drawings Decrease
2.Liabilities Decrease
3.Revenue Increases
4.Interest on capital increases
Posted Date:-2022-09-15 14:31:02
. What is a Real Account?
1.An interest-bearing deposit account held at a bank or other financial institution.
2.The account that represents a country's imports and exports of goods and services.
3.The account in which accounting transactions are stored for one fiscal year.
4.An account that retains and rolls forward its ending balance at the end of the year.
Posted Date:-2022-09-15 14:29:47
Assets - Liabilities = ?
1.Income
2.Gains
3.Earnings
4.Capital
Posted Date:-2022-09-15 14:39:51
Capital + Liabilities = ?
1.Revenue
2.Assets
3.Voucher
4.Unearned Income
Posted Date:-2022-09-15 14:23:08
Day book is also known as?
1.Journal
2.Voucher
3.Ledger
4.Book Keeping
Posted Date:-2022-09-15 14:43:39
Examining of financial information refers to?
1.Analysis
2.Auditing
3.Recording
4.Balance Sheet
Posted Date:-2022-09-15 14:05:47
Identifying an economic transaction is which phase of accounting cycle?
1. First
2.Second
3.Third
4.Last
Posted Date:-2022-09-15 14:07:20
Owner's claim on total assets is?
1.Liability
2.Assets
3.Equity
4.Cash
Posted Date:-2022-09-15 14:24:16
Purchases are Debited when?
1.Goods are purchased on cash
2. Goods are sold at a discount
3.Goods are purchased on credit
4.Goods are lost
Posted Date:-2022-09-15 14:46:08
Recording financial transaction is part of?
1.Accounting
2.Book Keeping
3.Data Entry
4.Journal
Posted Date:-2022-09-15 14:04:37
The account which increases equity is known as?
1.Debit Account
2.Credit Account
3.Revenue
4. Treasury Stock
Posted Date:-2022-09-15 13:32:59
The expanded accounting equation is used by which statement?
1.Cash Flow Statement
2.Balance Sheet
3. Income Statement
4.None of the above
Posted Date:-2022-09-15 13:22:46
The Expenses, Profit & Loss of an organisation are recorded in which account?
1.Current Account
2.Personal Account
3.Nominal Account
4.None of the above
Posted Date:-2022-09-15 13:37:28
The kind of debts which are needed to be repaid in a short term is known as?
1. Fixed Liabilities
2.Current Liabilities
3.Depreciating Assets
4.Intangible Assets
Posted Date:-2022-09-15 13:30:34
The kind of debts which are needed to be repaid in a short term is known as?
1.Fixed Liabilities
2.Current Liabilities
3.Depreciating Assets
4.Intangible Assets
Posted Date:-2022-09-15 13:27:27
The main Purpose of Financial Accounting is?
1.To Provide financial information to shareholders
2.To maintain balance sheet
3.To minimize taxes.
4.To keep track of liabilities
Posted Date:-2022-09-15 13:21:06
The revenues and expenses of a company are displayed in which statement?
1.Balance Sheet
2.Cash Flow Statement
3.Income Statement
4.None of the above
Posted Date:-2022-09-15 13:19:18
Transaction is referred as which event in accounting?
1.Political Event
2.Economic Event
3. Dividend
4. Cash Transaction
Posted Date:-2022-09-15 14:03:39
What are Drawings?
1.Accounting method used to allocate the cost of a tangible or physical asset over its useful life or life expectancy.
2.The amount of cash that a business disburses.
3.An increase in the value of an asset over time
4.. Money that is taken from the business account for personal use.
Posted Date:-2022-09-15 14:25:22
What are Liabilities?
1.Resources of a Company
2.Expenses of a Company
3.Obligations of a Company
4.None of the above
Posted Date:-2022-09-15 14:10:00
What are Outstanding Expenses?
1.Expenses which are not paid off in the current balance sheet.
2.The necessss going from day-to-day.ary purchases that keep a busine
3.Type of expense that is due but has not been paid.
4.None of the above
Posted Date:-2022-09-15 13:51:15
What are the long-term assets which do not have any physical existence?
1.Intangible Assets
2.Tangible Assets
3.Current Liabilities
4.Current Assets
Posted Date:-2022-09-15 13:34:58
What causes the decrease in Assets?
1.Cash Purchases
2.Liabilities
3.Payment of Expenses
4. Retained Earnings
Posted Date:-2022-09-15 14:39:09
What does a master budget include?
1.Material Budget
2.Production Budget
3. Sales Budget
4.All of the above
Posted Date:-2022-09-15 14:02:21
What increases the Assets & Equity?
1.Fresh Capital
2.Debts paid off
3. Revenues
4.None of the above
Posted Date:-2022-09-15 14:40:47
What is a Company?
1.Legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a profit for its owners.
2.Business organization which is owned and carried on jointly by the members of the Hindu Undivided Family.
3.Unincorporated business with only one owner who pays personal income tax on profits earned.
4. A legal entity formed by a group of individuals to engage in and operate a business.
Posted Date:-2022-09-15 14:08:48
What is a compound entry?
1.An entry involving more than two accounts.
2.Accounting entry in which just one account is debited and one is credited.
3.An accounting entry in which there is more than one debit, more than one credit, or more than one of both debits and credits.
4.Entry that is used to record a business transaction in the accounting records of a business.
Posted Date:-2022-09-15 14:44:59
What is a nominal account?
1.An interest-bearing deposit account held at a bank or other financial institution.t that represents a country's imports and exports of goods and services.The
2.The account that represents a country's imports and exports of goods and services.
3.The account in which accounting transactions are stored for one fiscal year.
4.None of the above
Posted Date:-2022-09-15 14:28:29
What is an Income?
1.A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit.
2.Obligation between one party and another not yet completed or paid for.
3.Earning from investments and other sources unrelated to employment.
4.The revenue a business earns from selling its goods and services.
Posted Date:-2022-09-15 14:11:15
What is an operating cycle?
1. metric that expresses the time (measured in days) it takes for a company to convert its investments in inventory and other resources into cash flows from sales.
2.The time it takes a company to buy goods, sell them and receive cash from the sale of said goods.
3.The process of hiring personnel to conduct the daily operations of the business.
4.collective process of identifying, analysing, and recording the accounting events of a company.
Posted Date:-2022-09-15 13:49:53
What is Bank Overdraft?
1.A document used by a company's accounts payable department containing the supporting documents for an invoice.
2.A negotiable instrument where payment is guaranteed by the issuing bank.
3.A negotiable instrument similar to a bill of exchange.
4.A line of credit that covers your transactions if your bank account balance drops below zero.
Posted Date:-2022-09-15 13:53:30
What is Current Liability?
1.Assets of a company that are expected to be sold or used as a result of standard business operations over the next year.
2.A potential liability that may occur in the future.
3.Company's short-term financial obligations that are due within one year or within a normal operating cycle.
4.Obligations listed on the balance sheet not due for more than a year.
Posted Date:-2022-09-15 13:47:38
What is the book of original entries?
1.Voucher Book
2.General Journa
3.l Day Book
4.Account Statement
Posted Date:-2022-09-15 14:41:39
What is the common characteristic of all the assets owned by a company?
1.Intangible
2.Long Life
3.Future Economic Benefits
4.None of the above
Posted Date:-2022-09-15 14:19:47
What is the supporting evidence in a business transaction called?
1.Journal
2.Ledger
3.Voucher
4.Contra Voucher
Posted Date:-2022-09-15 13:36:09
What type of balance do asset accounts have?
1.Contra
2.Credit
3.Debit
4.All of the above
Posted Date:-2022-09-15 13:25:55
What type of balance do asset accounts have?
1. Contra
2.Credit
3.Debit
4. All of the above
Posted Date:-2022-09-15 13:28:31
When are balance sheets prepared?
1.Quarterly
2.Yearly
3.Monthly
4.None of the above
Posted Date:-2022-09-15 13:40:30
When are Drawing Debited?
1.Cash withdrawn for personal use
2.Cash withdrawn for payment of goods
3.Cash withdrawn for salary
4.Octroi
Posted Date:-2022-09-15 14:47:07
Which budget is prepared for Advertising, Salary, and Market Analysis?
1.Operating Budget
2.Sales Expenditure Budget
3.Static Budget
4. Labor Budget
Posted Date:-2022-09-15 13:57:38
Which person owes an amount to a business organisation for buying goods and services on a credit basis?
1.Creditors
2.Debtors
3.Owner
4. None of the above
Posted Date:-2022-09-15 13:38:45
Which Ratio protects the Creditors?
1.Lower Debt Equity Ratio
2. Liquidity Assets
3.Higher Inventory Ratio
4. Return on Investment Ratio
Posted Date:-2022-09-15 13:54:35
Who is an external user of financial statements?
1. Shareholders
2.CEO
3.Manager
4.Creditor
Posted Date:-2022-09-15 14:06:35