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1 1. <p>Accounting is termed as the language of the ____________ </p><p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A) Indians&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B) Computers&nbsp;&nbsp;&nbsp;&nbsp; C) Business&nbsp;&nbsp;&nbsp;&nbsp; D) Americans</p>


2 118. Accounting gives information on: <br /><br />A) the resources available <br />B) how the available resources have been employed <br />C) the results achieved by their use. <br />D) All of the above


3 2. <p>The root of financial accounting system is </p><p>&nbsp;&nbsp;&nbsp;&nbsp; A) Social accounting </p><p>&nbsp;&nbsp;&nbsp;&nbsp; B) Management accounting </p><p>&nbsp;&nbsp;&nbsp;&nbsp; C) Stewardship accounting </p><p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D) Responsibility accounting</p>


4 109. Match the following pairs correctly: <br /><br />Persons: 1. Koutilya &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Luca Pacioli &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. Stewardship accounting <br /><br />Related Information: a. Double-entry book-keeping system &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. root of accounting &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Arthashastra <br /><br />A) 1-a, 2-b, 3-c &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B) 1-b, 2-c, 3-a &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br />C) 1-c, 2-a, 3-b &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D) None of the above


5 14. <p>According to the American Institute of Certified Public Accountants: “__________________ is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part, at least of a financial character and interpreting the results thereof” </p><p>A) Book-keeping&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B) Balancing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C) Financing&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D) Accounting</p>


6 21. Identify the correct statement from the following: <br /><br />A) Accounting is an art. It requires the expertise and skill of accountants to design accounting system and policies, to decide the accounting process in order to suit the requirements of an organisation. <br /><br />B) The transactions or events of a business must be recorded in monetary terms. <br /><br />C) Accounting process involves recording, classifying and summarising of transactions and analysis and interpretation of the results. The results of such analysis must be communicated to the persons who are interested in such information. <br /><br />D) All of the above are correct


7 397. “Accounting is the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are in part, at least of a financial character and interpreting the results thereof ”. This definition is given by - <br /><br />A) American Accounting Association <br />B) American Institute of Certified Public Accountants <br />C) Institute of Chartered Accountants of India <br />D) Kautilya


8 8. <p>What is the correct order in which the Accounting transactions and events are recorded in the Books? </p><p>1. Trial Balance </p><p>2. Journal </p><p>3. Transactions </p><p>4. Ledger </p><p><br /></p><p>A) 2-3-4-1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B) 1-2-3-4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C) 3-2-4-1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D) None of the above</p>


9 15. <p>Find out the complete and correct order of Accounting Cycle (steps in the accounting process): </p><p style="margin-left: 40px;">I. Analyze Business transactions, Journalizing, Posting to Ledger. </p><p style="margin-left: 40px;">II. Prepare Trial Balance, Rectification of Errors, Adjustment entries, Adjusted Trial balance </p><p style="margin-left: 40px;">III. Financial performance report (Prepare Trading, Profit and Loss account ) &amp; Financial Position statement (Balance Sheet etc.) </p><p style="margin-left: 40px;">IV. Closing entries, Opening entries for next period. </p><p>A) I, II, IV, III </p><p>B) I, II, III, IV </p><p>C) IV, I, II, III </p><p>D) All steps in any order</p>


10 4. <p>Which one of the following is not a main objective of accounting? </p><p>A) Systematic recording of transactions </p><p>B) Ascertainment of the profitability of the business </p><p>C) Ascertainment of the financial position of the business </p><p>D) Solving tax disputes with tax authorities</p>
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