1._________ is a business language.
- Business
- Accounting
- Money
- Trading
Ans – 2
Explain : Accounting is a business language.
2. Which language to communicate financial transactions and their results?
- Business
- Accounting
- Money
- Trading
Ans – 2
Explain : Accounting is a business language.
3.Indian scholar named Kautilya alias Chanakya introduced the accounting concepts in his book __________.
- Ankganit
- Arthashastra
- Sankhyashastra
- None of these
Ans – 2
Explain : Indian scholar named Kautilya alias Chanakya introduced the accounting concepts in his book Arthashastra.
4.Which of the following is not Objectives and Scope of Accounting?
- To keep systematic records
- To ascertain profitability
- To assist in decision-making
- None of these
Ans – 4
5._______refers to the specific tasks involved in completing an accounting process.
- Management
- Accounting
- Accounting cycle
- None of these
Ans – 4
Explain : Accounting cycle refers to the specific tasks involved in completing an accounting process.
6.Which of the following is length of accounting cycle?
- Monthly
- quarterly
- Yearly
- All of these
Ans – 4
Explain : Monthly,Quarterly,Yearly can be length of the accounting cycle.
7.According to _______, the business and the owner of the business are two different entities.
- Business Entity
- Money Measurement
- Going Concern
- None of these
Ans – 1
Explain : According to Business Entity Concept , the business and the owner of the business are two different entities.
8.According to __________ concept, “we can book only those transactions in our accounting record which can be measured in monetary terms.”
- Business Entity
- Money Measurement
- Going Concern
- None of these
Ans – 2
Explain : According to Money Measurement Concept, “we can book only those transactions in our accounting record which can be measured in monetary terms.”
9.There must be a double entry to complete any financial transaction, means debit should be always equal to credit.This is called,
- Cost Concept
- Dual Aspect Concept
- Going Concern Concept
- Money Measurement Concept
Ans – 2
Explain : There must be a double entry to complete any financial transaction, means debit should be always equal to credit.This is called,Dual Aspect Concept.
10.Which is based on the accounting period concept.
- Matching concept
- Dual Aspect Concept
- Going Concern Concept
- Cost Concept
Ans – 1
Explain : Matching concept is based on the accounting period concept.