A systematic way to maintain the books of accounts is called_________?

Related Mcqs:

1. An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

   A. Accounting
   B. Accountancy
   C. Auditing
   D. Book Keeping

2. The maintenance of accounts in a systematic way is called__________?

   A. Accounting
   B. Reading
   C. Book Keeping
   D. Auditing

3. If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

   A. Yes
   B. No
   C. Transactions can’t be omitted
   D. none of these

4. On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified.

   i. Depreciation for 2011-2012- 7,000 understated
   ii. Accrued expenses as at March 31, 2013 – 10,000 understated
   The impact of this on the reported net income for the year ending March 31, 2013 is

   A. 7,000 Overstated
   B. 10,000 Overstated
   C. 17,000 Understated
   D. 17,000 Overstated

5. The real accounts are accounts of Assets, liabilities and ___________?

   A. Expenses
   B. Revenues
   C. Capital
   D. Drawing

6. A chart of accounts generally start with which of the following types of accounts?

   A. Assets accounts
   B. liability accounts
   C. Cash accounts
   D. Revenue accounts

7. Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

   A. Cash payments journal
   B. Cash receipts journal
   C. Purchases return journal
   D. General journal

8. Keeping the log of financial information in books of original entries is called__________?

   A. Recording
   B. summarizing
   C. Grouping
   D. Processing

9. When a person purchasing goods on credit he becomes a_________in the books of the seller?

   A. Debtor
   B. Creditor
   C. Defaulter
   D. Offender

10. In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?

    i. Debit Bills Receivable Account
    ii. Debit Drawee‘s Account
    iii. Credit Drawee‘s Account
    iv. Credit Sales Account

    A. Only (i) above
    B. Both (ii) and (iv) above
    C. Both (i) and (iii) above
    D. Both (i) and (iv) above