ANSWER ALL QUESTIONS: - chose the right answer.

note: - need the answer as fast as passable. i will rate the answer as helpful.

1. Which one of the following items would fall under the definition of a liability.

A. Cash

B. Debtor

C. Owner's equity

D. None of these

2. The basic sequence in the accounting process can best be described as:

A. Transaction, journal entry, source document, ledger account, trial balance.

B. Source document, transaction, ledger account, journal entry, trial balance.

C. Transaction, source document, journal entry, trial balance, ledger account.

D. Transaction, source document, journal entry, ledger account, trial balance.

3. Amount brought in by proprietor should be credited to

A. cash account

B. capital account

C. drawings account

D. creditors account

4. If closing stock appears in the trial balance, it should be

A. Credited to the trading account

B. Credited to the profit and loss account

C. Deducted from the purchases in the trading account

D. Shown on the liability side of the Balance sheet

5. Financial information should be neutral and bias free" is the dictation of which one of the following?

A. Completeness concept

B. Faithful representation Concept

C. Objectivity Concept

D. Duality Concept

6. Which of the following statements is not an objective of financial reporting?

A. Provide information that is useful in investment and credit decisions.

B. Provide information regarding policy of organisation

C. Provide information that is useful in assessing cash flow prospective

D. None of theses

7. A book containing a chronological record of business transaction & original record

A. Journal

B. Ledger

C. Trial balance

D. None of these

8. Which of these items would be accounted for as an expense?

A. Repayment of bank Loan

B. Dividend to stock holders

C. The purchase of land

D. Payment of current period rent

9. The amount of salary paid to Suresh should be debited to

A. The account of Suresh

B. Salaries a/c

C. Cash a/c

D. Bank a/c

10. The concept of separate entity is applicable to which of following types of businesses?

A. Sole proprietorship

B. Corporation

C. Partnership

D. All of them

11. Accounting is the process of matching

A. Benefits & Costs

B. Revenues & Costs

C. Cash Inflow & Cash Outflow

D. Potential & Real Performance

12. Of the following account types, which would be increased by a debit?

A. Liabilities and expenses.

B. Assets and equity.

C. Assets and expenses.

D. Equity and revenues.

13. Custom and traditions which guide the accountant while preparing the accounting

statements

A. Accounting convention

B. Accounting concepts

C. Accounting principles

D. None of these

14. Balance Sheet is a statement of

A. Assets

B. Liabilities

C. Capital

D. All of these

15. The convention of disclosure implies that all material information should be

A. Disclosed in the account

B. Disclosed in the accounts which is required to owner

C. Not disclosed

D. None of these

16. Outstanding salary is shown as:

A. An asset in the balance sheet

B. A liability

C. By adjusting it in the P & L a/c

D. Both a and c above

E. Both b and c above

17. Proprietor (owner) is treated as creditor of business due to:

A. Periodicity concept

B. Materiality Principle

C. Entity Concept

D. Consistency concept

18. Which of the following is correct

A. Profit does not alter capital

B. Capital can only come from profit

C. Profit reduces capital

D. Profit increases capital

19. Cost of asset should always be equal to the cost of the liabilities. This concept is

A. Double Entry Bookkeeping

B. Matching Concept

C. Consistency

D. Money measurement Concept

20. P& l a/c is prepared for a period of one year by following:

A. Consistency concept

B. Conservatism concept

C. Accounting period concept

D. Cost Concept