Accountancy

Principles of Accounting
The need for keeping record of income and expenditures in a clear and systematic manner has given rise to the subject of:
Book keeping
Accounting cycle
None of the above
Manufacturing cycle
Author: rikazzz Comment
Principles of Accounting
The concept of conservation will have the effect of:
Understatement of assets
Understatement of liabilities
Overstatement of assets
None of these
Author: rikazzz Comment
Principles of Accounting
The term “Accounting ” and “Book-keeping” are classified as :
Same in nature
Different
Opposite
None of these
Author: rikazzz Comment
Principles of Accounting
Account principles, are generally based on:
Practicability
Subjectivity
convenience in recording
None of these
Author: rikazzz Comment
Principles of Accounting
The word “By” is used with an account while making posting on:
Debit side of an account
Credit side of an account
Both A and B
None of these
Author: rikazzz Comment
Principles of Accounting
Cash sales to Mr.Ali will be posted to credit side of:
Mr.AH account
Account
Sales account
None of these
Author: rikazzz Comment
Principles of Accounting
The concession given by supplies to the buyer on sales of goods is said to be:
Cash discount
Trade discount
Sales discount
Purchases discount
Author: rikazzz Comment
Principles of Accounting
A transaction taking place with an outside person or organization, is called on:
Internal transaction
External transaction
Paper transaction
None of these
Author: rikazzz Comment
Principles of Accounting
Which of the system of recording transaction on dual aspect concept of accounting:
Double account system
Double entry system
Single entry system
Management system
Author: rikazzz Comment
Principles of Accounting
In case of a debt becoming bad, the amount should be credited to:
Debtor’s account
Bad debts account
Sales account
Creditor’s account
Author: rikazzz Comment

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