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Principles of Accounting
204
Accounting Miscellaneous
344
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Principles of Accounting
Sale of goods to Ram for Rs. 1,000 with a credit term of 5 days is a/an:
cash transaction
credit transaction
barter system
internal event
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Principles of Accounting
An economic event that involves transfer of money or money’s worth is a/are:
financial transactions
barter system
settlements
receipts/payments
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Principles of Accounting
What is a list of all accounts and their balances at a certain date?
Chart of accounts
Account balances
Journal
Trial balance
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Principles of Accounting
An owner investing in his/her business would result in…
A credit to cash
A credit to Capital
A debit to capital
A debit to accounts payable
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Principles of Accounting
An accountant records a transaction if:
it is substantiated by a documentary evidence
it has tax implication
it is so required by the Management
it is mandatory as per Statutory requirement
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Principles of Accounting
Journal entries used to prepare temporary accounts for a new fiscal period
Adjusting Entries
dividends
Closing entries
Pac-Man
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Principles of Accounting
A pay period is a period covered by a ________ salary payment
Profit
Salary
Income
Goldfish
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Principles of Accounting
Closing Stocks with X and Y are 26400 & 60000 respectively. In the books of Y, what will be the treatment of closing stock in joint venture?
Stock of 60000 will be shown as closing credit balance in Y’s Account as ‘To Balance c/d’.
Stock of 26400 will be shown as closing debit balance in Y’s Account as ‘By Balance cd’.
Closing stock of 60000 will not appear in Y’s Account.
None of these.
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rikazzz
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Accounting Miscellaneous
Current ratio =
Quick assets/Current liabilities
Current assets/Current liabilities
Debt/Equity
Current assets/Equity
Current ratio = Current assets/Current liabilities. Current ratio is a comparison of current assets to current liabilities, calculated by dividing your current assets by your current liabilities.
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rikazzz
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Accounting Miscellaneous
Bookkeeping mainly consists of which part of accounting process?
Analysing
Preparing financial statements
Recording financial information
Auditing the books of accounts
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Bookkeeping refers mainly to the record-keeping aspects of financial accounting, and involves preparing source documents for all transactions, operations, and other events of a business.
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