The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –

Q5.The process of recording, classifying and summarizing all business transactions in order to know the financial result is called – (1)Accounting (2) Book – keeping (3) None of these. (4) Journalizing Answer Accounting Related Questions on Introduction to Accounting Q6.The person, firm or institution who does not pay the price in cash for the goods … Read more

Bank account is a

Q21.Bank account is a (1) Personal Account. (2) Real Account, (3) Nominal Account. (4) None of these. Answer Personal Account. Related Questions on Introduction to Accounting Q22.Accounting provides information on (1)Company’s tax liability for a particular year (2)Cost and income for managers (3)All of the above (4)Financial conditions of an institutions Answer All of the … Read more

Current Assets is

Q14.Current Assets is (1) Building (2) Land (3) Stock (4) Machinery Answer Stock Related Questions on Theory Base of Accounting Q15.Expense on installation of new machinery (1) Capital Loss (2) Capital Expense (3) Revenue Loss (4) Revenue Expense Answer Capital Expense Q16.Is given to businessman when clear his payment before certain period ? (1) Special … Read more

Capital profit is profit

Q30.Capital profit is profit (1) Sale of fixed asset (2) Profit & Loss A/c of Business (3) None of these (4) Sale of goods Answer Sale of fixed asset Related Questions on Theory Base of Accounting Q31.Which of the following is not a tangible asset ? (1) Goodwill (2) Motor Car (3) Building (4) Stock … Read more