Accounting Bitbank 1

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Basics of Accounting Bit Bank

1. Father of Double Entry of Book Keeping is -------------. (Luca Pacioli)

2. Double Entry of Book Keeping was introduced in the year ------------.(1494)

3. The most important branches of Accounting are -------------------.

(Financial Accounting, Cost Accounting, Management Accounting)

4. Book of original entry is also known as ------------------. (Journal)

5. The act of keeping accounting records in a systematic manner is called ------

--------. (Book Keeping)

6. The Double Entry system records both ----------- & ---------- aspects of a

business transaction. (Debit & Credit)

7. The receiving aspect of a transaction is ---------------. (Debit)

8. The giving aspect of a transaction is --------------. (Credit)

9. The language of the Business is ------------------. (Accounting)

10. ----------- is a document which serves as an evidence of a transaction.

(Voucher)

11. --------------- is the record made in the books of accounts in respect of a

transaction or event. (Entry)

12. Under the Companies Act 1956, as companies are required to maintain the

books of accounts according to ---------- basis of accounting. (Accrual)

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13. The basic object of Accounting is ------------------.

(To maintain systematic record of financial transaction, to ascertain

profit / loss, to ascertain financial position)

14. Accounting Standard– 1 deals with --------------. (Disclosure of Accounting

Policies)

15. Accounting Standard – 2 deals with -----------------. (Inventories Valuation)

16. Accounting Standard–3 deals with --------------------. (Cash flow statement)

17. Accounting Standard – 6 deals with -------------------. (Depreciation)

18. What is the Accounting equation -------------. (Assets = Capital +

Liabilities)

19. Which financial statement represents the accounting equation ----------------.

(Balance Sheet)

20. As per Traditional Classification of Accounts, accounts can be classified

into -------------. (Personal A/C, Real A/C, Nominal A/C)

21. Accounts related to individuals and a firm is -----------------. (Personal A/C)

22. An account related to assets is -----------------. (Real A/C)

23. Accounts related to expenses, losses, incomes and gains is ------------------.

(Nominal A/C)

24. Capital is a --------------------- account. (Personal)

25. Drawings are a ---------------------- account. (Personal)



26. Land and Buildings is a -------------- account. (Real)

27. Good will is a ------------------ account. (Real)

28. A salary paid is a ----------------- account. (Nominal)

29. Interest received is a -------------- account. (Nominal)

30. Accounting Standards in India are issued by ------------------.

(The Institute of Chartered Accountants of India) (ICAI)

31. Accounting Standard – 10 deals with ----------------. (Accounting for Fixed

Assets)

32. Accounting Standard – 12 deals with ----------------. (Accounting for

Government Grants)

33. -------------------- is a book in which transactions are recorded in

chronological order. (Journal)

34. Journal is also called as ----------- & --------------. (Book of Prime Entry &

Book of Original Entry)

35. The process of recording a transaction in the journal is called -----------------.

(Journalising)

36. An entry made in the journal is called a ---------------. (Journal Entry)

37. ------------ is a principal book which contains all the accounts. (Ledger)

38. ---------------- is the Book of Final Entry. (Ledger)

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39. ----------- & ----------- are the basic financial statements. (Trading, Profit

and Loss accounts & Balance Sheet)

40. Trading, Profit and Loss account shows ---------------- of the firm.

(Financial Performance i.e. profit or loss)

41. Balance Sheet shows --------------- of the firm. (Financial Position)

42. Trading, Profit and Loss account is prepared --------------. (For a period of

time)

43. Balance Sheet is prepared -------------------. (At a point of time)

44. -------------------- is an establishment for the conduct of trade and commerce.

(Business entity)

45. The owner of the business is called as ------------------. (Proprietor)

46. The amount invested by the proprietor in the business is ----------------.

(Capital)

47. ------------------ is the value of cash or goods withdrawn from the business

by the owner. (Drawings)

48. The commodities, articles or things in which a trader deals are ------------.

(Goods)

49. The person who owes money to the business is ------------. (Debtor)

50. The person to whom the business owes money is ------------. (Creditor)

51. The proprieties or things owned by a business are -----------. (Assets)



52. The assets which cannot be seen and touched are known as ----------------.

(Intangible assets)

53. Goodwill, Patents, Trade Marks etc. are --------------- assets. (Intangible)

54. The assets which can be convertible into cash within one year are ------------

--- assets. (Current Assets)

55. Cash, Bank, Debtors, Stock, and Bills Receivable etc. are ----------- assets.

(Current Assets)

56. Assets which are held with the business for a long time are -------------.

(Fixed Assets)

57. Land, Buildings, Plant, Machinery, Furniture etc. are --------------- assets.

(Fixed Assets)

58. The financial obligations of an enterprise other than owner’s funds are -----.

(Liabilities)

59. The debit credit rule for the Personal account is ------------. (Debit the

Receiver & Credit the Giver)

60. The golden rule for the Real account is ----------------. (Debit what comes

in & Credit what goes out)

61. The golden rule for the Nominal account is --------------. (Debit all expense

and losses & Credit all incomes and gains)


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Accounting Bitbank 1

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