Introduction to Incomplete Records

Q.

What is the purpose of a ledger ?

Q.

Discuss the various characteristics/attributes of accountancy.

Q.

What do you mean by Double Entry System?

Q.

What are the objectives of preparing financial statements?

Q.

Which of the following businesses usually maintain incomplete accounting records of the business activities?

1. Big Partnership Firms

2. Small Businesses

3. Companies

4. Large Businesses

Q.

Why is the evidence provided by source documents important to accounting?

Q.

What is accounting information system?

Q. Answer the following questions.

Explain the importance of Computerised Accounting System.

Q.

"Despite many advantages, double entry system also has some disadvantages".In the light of this statement discuss the disadvantages of the double entry system.

Q.

What are the different types of errors in accounting?

Q. Describe the role of accounting in the modern world.

Q. Which of the following is an advantage of single entry system?

1. Flexible Method
2. Simple method
3. Less expensive
4. All of the above

Q. Book-keeping is an ________ of correctly recording of business transaction.

1. Art
2. Art and science
3. Science
4. Art or Science

Q. ______ is the summarizing phase of accounting system.

1. Book keeping
2. Ledger posting
3. Balancing
4. Accounting

Q. What is integration

Q. is the language of any business and speaks volumes of what happens inside.

1. Journalising
2. Summarising
3. Accounting
4. Financial statements

Q. The basic objective of the book-keeping is _______________.

1. to maintain systematic records of financial transactions
2. to ascertain financial performance
3. to ascertain financial position
4. all of the above

Q. Answer the question.
What is the main distinction between single entry system and double entry system?

Q. The purpose of financial accounts is reporting to _________.

1. Government
2. Management
3. Investor
4. All of the above

Q.

Every business in this country needs to make financial statements irrespective of whether they know it or not.

1. True

2. False

Q.

Businesses do not pay much heed to correct accounting due to _____

1. Paucity of time

2. Lack of knowledge

3. Not prioritising accounting

4. All the above

Q. The main objective of Book keeping is to keep permanent records of business transactions.

1. true
2. false

Q. The auditor has to report to the ________ for conducting audit whether the financial statements reveals true and fair view of the state of affairs and of the profit or loss earned during the period by the organization.

1. managing director
2. stock exchange
3. authority appointing him
4. register of companies

Q. Businesses do not pay much attention to correct accounting due to .

1. lack of time
2. legal requirement
3. labour availability
4. acounting knowledge

Q.

How many types of errors are there in accounting?

Q. From which books of accounts Ledger posting is made in the Ledger?

Q. Single entry system is easy for computing profit and loss.

1. True
2. False

Q. What is the need for accounting in business?

Q. Which one of the following audit is called as "vouch and post" audit?

1. Statutory audit.
2. Continuous audit.
3. Periodical audit.
4. Management audit.

Q. Book-keeping covers which of the following activities?

1. Identifying, Recording and Classifying.
2. Recording, Classifying. Summarising and Analysing.
3. Summarising, Analysing and lnterpreting.
4. Identifying, Measuring and Communication.