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

Related Mcqs:

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

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

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

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

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

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

4. 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

5. Cash brought by the owner to start business is called__________?

   A. Capital
   B. Loan
   C. Drawing
   D. None of these

6. The assets which come into existence upon the happening of a certain event are called__________?

   A. Contingent assets
   B. Fixed assets
   C. Fictitious assets
   D. Quick assets

7. 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

8. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

   A. Drawings
   B. Cash
   C. Business
   D. Stock

9. Which of these errors affect two or more accounts

   A. Errors of complete omission
   B. Errors of principle
   C. Errors of posting to wrong account
   D. All the three

10. Which of the following entries is correct in respect of reserve for discounts on accounts payable?

    A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
    B. Debit Accounts Payable A/c and Credit P&L A/c
    C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
    D. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c