Q.1.
What is Accounting?
Q.2.
What is journal?
Q.3.
What is Cash book?
Q.4.
Business transactions are recorded
Q.5.
Income and Expenditure Account records transactions of
Q.6.
Nominal accounts are related to ?
Q.7.
Income and Expenditure Account is
Q.8.
Journal is called a book of
Q.9.
Subscription received in advance is
Q.10.
Which of the following statements about contingent assets and contingent liabilities are correct?1-A contingent asset should be disclosed by note if an inflow of economic benefits is probable.A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made.3 -No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required.4 -No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote.
Q.11.
Transferring information from a journal entry to a ledger account (p. 98)
Q.12.
The amount of interest is credited by the buyer to
Q.13.
Under hire purchase system the initial payment is known as
Q.14.
Non -Departmental items of expenses are charged to
Q.15.
Hire purchase price includes
Q.16.
Who issues International Financial Reporting Standards?
Q.17.
Under the debtors system in branch a/c ,credit sales are
Q.18.
Receipts and Payments Account is
Q.19.
Legacies are generally
Q.20.
Short workings irrecoverable are transferred to