Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)
Correct Answer :
D. (ii),(iv),(iii),(i)
Related Questions
Which of the following events is not a transaction?
Mr. Employer paid salary of Rs.9,000 to Mr. Employee.
Rahul sold his bicycle to Rohan for Rs.600.
Abhijeet gifted a book, priced at Rs.800, to Amit.
None of the above.
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above
The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is
Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000
Net Realisable Value of an asset means
The historical cost of the asset
Its sale value as on a particular date
Its written down value as on a particular date
None of the above
Sale of Office Furniture should be credited to Sales Account.
True
False
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
Goodwill is not a fictitious asset.
True
False
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
Fixed Assets are stated in the balance sheet at their market value.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
The life span of a company is dependent on the life span of the
Owner(s) of the company
Promoter of the company
Managing Director of the company
None of the above
Accrual concept implies accounting on cash basis.
True
False
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
WDV stands for
Written Down Valuation
Write Down Value
Written Down Value
Writing Down Value
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost
All events are transactions but all transactions are not events.
True
False
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
Any type of error affects the agreement of Trial Balance.
True
False
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)
Providing depreciation ensures sufficient cash for asset replacement.
True
False
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
The balance in the Cash Book represents net income.
True
False
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above