The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
Correct Answer :
A. Money
Related Questions
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
Choose the odd one out
Wages
Stationery
Sales
Furniture
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)
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
WIP stands for
Working Progress
What-in-Progress
Work-in-Progress
Works-in-Progress
The balance in the Cash Book represents net income.
True
False
All events are transactions but all transactions are not events.
True
False
Goodwill is not a fictitious asset.
True
False
Capital of the business is an example of external liability.
True
False
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
Accrual concept implies accounting on cash basis.
True
False
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.
Depreciation cannot be provided in case of loss, in a financial year.
True
False
The short description of a transaction written at the end of a journal entry is known as _______________.
Summary
Narration
Memo
Info
Providing depreciation ensures sufficient cash for asset replacement.
True
False
An expenditure intended to benefit the current period is revenue expenditure.
True
False
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
Any type of error affects the agreement of Trial Balance.
True
False
Fixed Assets are stated in the balance sheet at their market value.
True
False
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
According to the Concept of Conservatism, an accountant should
Recognize all losses and anticipate no gains
Recognize all gains and anticipate no losses
Recognize and anticipate both gains and losses
Both (b) and (c)
Sale of Office Furniture should be credited to Sales Account.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above