Principles of Accounting

Principles of Accounting
Double entry system requires the maintenance of :
Not any book of accounts
Only one book of accounts
A number of books of accounts
None of these
Author: rikazzz Comment
Principles of Accounting
The use of an accelerated method of depreciation is based on:
Convention of disclosure
Convention of materiality
Convention of conservation
None of these
Author: rikazzz Comment
Principles of Accounting
In ease, the trial balance is not prepared, it will be almost impossible to prepare:
The journal
The ledger
The Financial statement
None of these
Author: rikazzz Comment
Principles of Accounting
When goods are given away as charity or free samples, the purchases a/c show be:
Debited
Credited
Recorded in balance sheet
None of these
Author: rikazzz Comment
Principles of Accounting
The closing debit balance falls on the :
Credit side
Debit side
Both A and B
None of these
Author: rikazzz Comment
Principles of Accounting
A short explanation of each transactions written under each entry which is called:
Narration
Original entry
Subsidiary entry
Memorandum entry
Author: rikazzz Comment
Principles of Accounting
Transaction are finally recorded in:
Journal
Ledger
Trial balance
None of these
Author: rikazzz Comment
Principles of Accounting
A transaction taking place with no outside person or organization is involved is called as:
Internal transaction
External transaction
Paper transaction
None of these
Author: rikazzz Comment
Principles of Accounting
Debtors are also known as:
Account receivable
Account payable
Bills payable
Proprietor
Author: rikazzz Comment
Principles of Accounting
Making the provision for doubtful debts in anticipation of actual bad debts is on the basis of:
Convention of disclosure
Convention of consistency
Convention of conservation
None of these
Author: rikazzz Comment

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