Overview of an Account

Q.

Define the term 'Business Transaction'.

Q.

Explain any three internal users of Accounting Information.

Q.

In the single entry system, state any one method which is used to ascertain profit or loss.

Q.

Double entry system of accounting is based on the principle of 'dual aspect'.Explain the features of double entry system of accounting and also give its benefits.

Q.

Describe and discuss the procedure of creating the receipts side of a cash book.

Q.

'An accounting report is essential report, which must be able to fulfil certain basic criteria'. Explain? List the various types of accounting reports.

Q.

Every transaction is a/an ___ of value between two or more entities.

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

___________ key is used to open Accounting features option.
a) F11
b) F6
c) F10
d) Alt+F2

Q.

Answer the following questions :

Explain the difference between Book-keeping and Accountancy.

Q. Journal proper maintained to record transactions which _______.

1. Special in nature
2. All of the above
3. Have large amount
4. Do not find place

Q. Q.11. What is the common objective of Single Entry System and Double Entry System?

Q. Which of the following activities is not an example of exchange?

1. People getting engaged in paid work in an organization
2. Purchasing bread for breakfast
3. Spending time with children in orphanage on Sundays
4. Buying a chair for office use

Q.

What is the summary of similar transactions called?

1. Account

2. Summary Table

3. Sub-table

4. All of the above

Q. The different heads in which entries/ transactions are booked in accounting are known as:

1. Incomes
2. Accounts
3. Expenses
4. Debits

Q. Journal proper is issued to record __________.

1. All purchases of goods
2. All sales of goods
3. All business expenses paid in cash
4. All adjusting and rectification entries

Q. is a description or report of similar events

1. Account
2. Transaction
3. Capital
4. Asset

Q. An economic event that involves transfer of money or money's worth is a/are _______________.

1. Financial Transactions
2. Barter System
3. Settlements
4. Receipts/Payments

Q.

What is the summary of similar transactions called?

1. Summary Table

2. Sub-table

3. Account

4. All of the above

Q. Buying a chair for office use is an economic event

1. True
2. False

Q. Answer in One Sentence :

What is Book keeping?

Q. Describe the events recorded in accounting systems and the importance of source documents in those systems?

Q. Give one word or term or phrase for each of the following statements.

The function key for Accounting and Inventory features which are open.

Q. Every transaction is an exchange of value between two or more entities.

1. True
2. False

Q. The events which are measurable in terms of money are called non-economic events

1. True
2. False

Q. A business can not run without book keeping.

1. True
2. False