Debit & Credit

Q.

Prepaid Expenses Is Shown Under _______ Side Of Balance Side.

Q.

In both, single entry system and a double entry system, accounting records are maintained due to a common objective. State the objective.

Q.

Which accounting concept uses the rules " Every transaction effects two or more ledger accounts"?

1. Dual Aspect

2. Money Measurement

3. Periodicity

4. Going Concern

Q.

What are the two sides of the T account?

Q.

The accountant's term to indicate that an entry will be recorded on the left-side of an account is ___

1. Credit

2. Debit

3. Cash Balance

4. Neither debit or credit

Q.

Describe how accounts are used to record information about the effects of transactions.

Q. Which of the following are common accounting concept?
W. Accrual concept
X. Evidence concept
Y. Matching concept
Z. Reliability concept.

1. W only
2. W, Y & Z
3. W & Y
4. X & Z

Q.

The accountant's word to indicate that an entry will be recorded on the right-side of an account is ___.

1. Credit

2. Debit

3. Cash Balance

4. Neither debit or credit

Q. State whether the following statements are true or false :

Accounting is useful only to the owner.

Q. Credit in ledger means ___ .

1. Entries on right hand side
2. A decrease in liabilities
3. An increase in expenses
4. An increase in assets

Q.

Companies Act or SEBI(Government) has laid down a format for making financial statements. Which concept covers this?

1. Money Measurement

2. Business Entity

3. Matching

4. Consistency

Q. Distinguish between Interim Audit and Annual Audit.

Q. Answer in one sentence.

What is Computerized Accounting?

Q. Select the most appropriate alternatives from those given below and rewrite the statements :

Accounts must be honestly prepared and they must disclose all material information in known as ______.
a) Disclosure Concept
b) Entity Concept
c) Cost Concept
d) Dual Aspect Concept

Q. Give the word term or phrase which can substitute each of the following statements :

Concept under which comparison of one accounting period with the other period is possible.

Q.

Identify the accounting concepts involved in the following

a) Calculator bought by a business is not recorded as an assetb) Accounting transactions should be free from the bias of accountantsc) Accounting methods once selected are not changed frequentlyd) Assets bought are not charged in the same year in which it is boughte) Appointment of a manager is not recorded in the books of accounts.

Q. In an account, the left side is referred to as debit and the right side as credit.

1. False
2. True

Q. The accountant's term to indicate that an entry will be recorded on the left side of an account is

1. Debit
2. Credit

Q. As per accounting, for every debit, there is an equal and opposite credit.

1. False
2. True