Double entry system is used in which type of accounting a) Cost b)Financial c) Management d) All

Double entry system is used in which type of accounting
a) Cost  
b)Financial  
c) Management  
d) All
by

1 Answer

Answer :

b)Financial
by

Related questions

is root cause for financial accounting (a) Stewardship accounting (b) Social accounting (c) Management accounting (d) Human resource accounting

Description : is root cause for financial accounting (a) Stewardship accounting (b) Social accounting (c) Management accounting (d) Human resource accounting

Last Answer : (a) Stewardship accounting

Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use? A. Financial accounting B. Tax accounting C. Management accounting D. Inflation accounting

Description : Which one of the following branches of accounting primarily deals with processing and presenting of accounting data for internal use? A. Financial accounting B. Tax accounting C. Management accounting D. Inflation accounting

Last Answer : C. Management accounting

Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Description : Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Last Answer : c) Recording of day to day business transactions

Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Description : Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities

Last Answer : D] Solving tax disputes with tax authorities

The nature of financial accounting is: a) Historical b) Forward looking c) Analytical d) Social

Description : The nature of financial accounting is: a) Historical b) Forward looking c) Analytical d) Social

Last Answer : a) Historical

If nothing is given in the financial statements aboutthe three accounting assumptions then it is to be treated as it a) Is assumed that it is not followed b) Is assumed to be followed c) Is assumed to be followed to some extent d) None of the above

Description : If nothing is given in the financial statements aboutthe three accounting assumptions then it is to be treated as it a) Is assumed that it is not followed b) Is assumed to be followed c) Is assumed to be followed to some extent d) None of the above

Last Answer : b) Is assumed to be followed

The direct advantages of accounting do not include A. Preparation of financial statements B. Comparison of results C. Competitive advantage D. Information to interested groups

Description : The direct advantages of accounting do not include A. Preparation of financial statements B. Comparison of results C. Competitive advantage D. Information to interested groups

Last Answer : C. Competitive advantage

Valuation of stock in accounting follows the principle of cost price or ____ which ever is lower. a) Market Price b) Average Price c) Net realizable Value d) None of these.

Description : Valuation of stock in accounting follows the principle of cost price or ____ which ever is lower. a) Market Price b) Average Price c) Net realizable Value d) None of these.

Last Answer : c) Net realizable Value

Which accounting concept specifies thepractice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d)Matching

Description : Which accounting concept specifies thepractice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d)Matching

Last Answer : d)Matching

Which accounting concept satisfy the valuation criteria a] Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism d) Realisation, Conservatism, Going concern.

Description : Which accounting concept satisfy the valuation criteria a] Going concern, Realisation, Cost b) Going concern, Cost, Dual aspect c) Cost, Dual aspect, Conservatism d) Realisation, Conservatism, Going concern.

Last Answer : a] Going concern, Realisation, Cost

Discounted cash flow criteria for investment appraisal does not include A. Not present value B. Benefit cost ratio C. Accounting rate of return D. Internal rate of return

Description : Discounted cash flow criteria for investment appraisal does not include A. Not present value B. Benefit cost ratio C. Accounting rate of return D. Internal rate of return

Last Answer : B. Benefit cost ratio

Which of the following is used only for data entry and storage, and never for processing? a. Mouse b. Dumb terminal c. Micro computer d. Dedicated data entry system

Description : Which of the following is used only for data entry and storage, and never for processing? a. Mouse b. Dumb terminal c. Micro computer d. Dedicated data entry system

Last Answer : b. Dumb terminal

Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.

Description : Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.

Last Answer : b. periodic inventory system.

Which most popular input device is used today for interactive processing and for the one line entry of data for batch processing? a. Mouse b. Magnetic disk c. Visual display terminal d. Card punch

Description : Which most popular input device is used today for interactive processing and for the one line entry of data for batch processing? a. Mouse b. Magnetic disk c. Visual display terminal d. Card punch

Last Answer : a. Mouse

Which is considered a direct entry input device? a. Optical scanner b. Mouse and digitizer c. Light pen d. All of the above

Description : Which is considered a direct entry input device? a. Optical scanner b. Mouse and digitizer c. Light pen d. All of the above

Last Answer : d. All of the above

If nothing is written about the accounting assumption to be followed it is presumed that a) They have been followed b) They have not been followed c) They are followed to some extent d) none of these

Description : If nothing is written about the accounting assumption to be followed it is presumed that a) They have been followed b) They have not been followed c) They are followed to some extent d) none of these

Last Answer : b) They have not been followed

Which of the following factor is not considered while selecting accounting policies? a) Prudence b) Substance over form c) Accountancy d) Materiality

Description : Which of the following factor is not considered while selecting accounting policies? a) Prudence b) Substance over form c) Accountancy d) Materiality

Last Answer : c) Accountancy

Consistency with reference to application of accounting procedures means a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c)Accounting methods & procedures shall be followed uniform basis year after year d) Any accounting method can be followed as per convenience

Description : Consistency with reference to application of accounting procedures means a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c ... uniform basis year after year d) Any accounting method can be followed as per convenience

Last Answer : c)Accounting methods & procedures shall be followed uniform basis year after year

In which of the following cases, accounting estimates are needed? a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above

Description : In which of the following cases, accounting estimates are needed? a) Employs benefit schemes b) Impairment of losses c) Inventory obsolescence d) All of the above

Last Answer : d) All of the above

The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept

Description : The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept

Last Answer : A. Dual aspect concept

Which of the following assets are dealt with by AS - 10 (Accounting Standard on Fixed Assets)? A. Land, building, plant and machinery, vehicles, furniture and fittings B. Goodwill and patents C. Trademarks and designs D. All of the above

Description : Which of the following assets are dealt with by AS - 10 (Accounting Standard on Fixed Assets)? A. Land, building, plant and machinery, vehicles, furniture and fittings B. Goodwill and patents C. Trademarks and designs D. All of the above

Last Answer : D. All of the above

AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply A. Forests, plantations and similar regenerative natural resources B. Wasting assets including material rights, expenditure on the exploration for and extraction of minerals, oil, natural gas and similar non-regenerative resources C. Expenditure on real estate development and livestock D. None of the above

Description : AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply A. Forests, plantations and similar regenerative natural ... resources C. Expenditure on real estate development and livestock D. None of the above

Last Answer : D. None of the above

Which of the following accounting equation is correct? A. Capital + Liabilities= Assets B. Capital = Assets + Liabilities C. Capital- Liabilities = Assets D. Capital + Assets = Liabilities

Description : Which of the following accounting equation is correct? A. Capital + Liabilities= Assets B. Capital = Assets + Liabilities C. Capital- Liabilities = Assets D. Capital + Assets = Liabilities

Last Answer : A. Capital + Liabilities= Assets

Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Description : Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Last Answer : A. Fixed assets must always be shown at market value

If the two companies have different accounting policies in respect of the same item, then they make necessary changes to adopt.............. Accounting policies. (A)Lifo method (B)Fifo method (C)Weighted method (D)Uniform

Description : If the two companies have different accounting policies in respect of the same item, then they make necessary changes to adopt.............. Accounting policies. (A)Lifo method (B)Fifo method (C)Weighted method (D)Uniform

Last Answer : (D)Uniform

Which statement is true? 1) The balance of payments depends on the principle of double-entry accounting. 2) Decrease in assets and increase in liabilities of net worth represent credits or sources of funds. 3) The balance of payment is a source- and uses of funds statement that reflects changes in assets, liabilities and net worth during a specified period of time. A. Only 1 B. Only 2 C. Only 3 D. 1, 2 and 3

Description : Which statement is true? 1) The balance of payments depends on the principle of double-entry accounting. 2) Decrease in assets and increase in liabilities of net worth represent credits or sources of funds. 3) The balance of ... period of time. A. Only 1 B. Only 2 C. Only 3 D. 1, 2 and 3

Last Answer : D. 1, 2 and 3

Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 andinvestments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be a) 2,00,000 b) 1,00,000 c) 3,00,000 d) 4,00,000

Description : Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 andinvestments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be a) 2,00,000 b) 1,00,000 c) 3,00,000 d) 4,00,000

Last Answer : b) 1,00,000

Similarities between cost, financial and management accounting?

Description : Similarities between cost, financial and management accounting?

Last Answer : A chart of accounts provides a listing

The management accounting can be stated an extension of (i) Cost Accounting (ii) Financial Accounting (iii) Responsibility Accounting A. Both (i) and (ii) B. Both (i) and (iii) C. Both (ii) and (iii) D. (i), (ii), (iii)

Description : The management accounting can be stated an extension of (i) Cost Accounting (ii) Financial Accounting (iii) Responsibility Accounting A. Both (i) and (ii) B. Both (i) and (iii) C. Both (ii) and (iii) D. (i), (ii), (iii)

Last Answer : D. (i), (ii), (iii)

________ Accounting becomes a source of information for Management Accounting. A. Financial B. Cost C. Both (A) and (B) D. None of the above

Description : ________ Accounting becomes a source of information for Management Accounting. A. Financial B. Cost C. Both (A) and (B) D. None of the above

Last Answer : A. Financial

The comparison of financial statement of one year with that of another is possible only when ----------------concept is followed A] Going concern B] Accrual C] Consistency D] Materiality

Description : The comparison of financial statement of one year with that of another is possible only when ----------------concept is followed A] Going concern B] Accrual C] Consistency D] Materiality

Last Answer : C] Consistency

Interpretation means (a) Explanation of meaning and significance of the data in Financial Statements. (b) Concerned with preparation and presentation of classified data (c) Systematic analysis of recorded data (d) Methodical classification of data given in Financial Statements

Description : Interpretation means (a) Explanation of meaning and significance of the data in Financial Statements. (b) Concerned with preparation and presentation of classified data (c) Systematic analysis of recorded data (d) Methodical classification of data given in Financial Statements

Last Answer : (a) Explanation of meaning and significance of the data in Financial Statements.

The process of recording financial data upto trial balance is a) Book keeping b) Classifying c) Summarising d) Analyzing

Description : The process of recording financial data upto trial balance is a) Book keeping b) Classifying c) Summarising d) Analyzing

Last Answer : a) Book keeping

In case of a limited company, the term financial statements includes A. Profit and loss and balance sheet B. Profit and loss account, profit and loss appropriation account and balance sheet C. Balance sheet D. None of the above

Description : In case of a limited company, the term financial statements includes A. Profit and loss and balance sheet B. Profit and loss account, profit and loss appropriation account and balance sheet C. Balance sheet D. None of the above

Last Answer : B. Profit and loss account, profit and loss appropriation account and balance sheet C

A company pays dividend at the A. End of the week B. End of the financial year C. End of the month D. All of the above

Description : A company pays dividend at the A. End of the week B. End of the financial year C. End of the month D. All of the above

Last Answer : B. End of the financial year

What are the factors that contribute to the Business Success? A. marketing resources B. physical assets C. financial factors D. all of the above

Description : What are the factors that contribute to the Business Success? A. marketing resources B. physical assets C. financial factors D. all of the above

Last Answer : D. all of the above

A method of implementing a memory management system is a. Buddy system b. Bridgeware c. Broadband coaxial system d. All of the above

Description : A method of implementing a memory management system is a. Buddy system b. Bridgeware c. Broadband coaxial system d. All of the above

Last Answer : a. Buddy system

The personnel who deals with the computer and its management put together are called a. Software b. Human ware c. Firmware d. Hardware

Description : The personnel who deals with the computer and its management put together are called a. Software b. Human ware c. Firmware d. Hardware

Last Answer : b. Human ware

A technique used by codes to convert an analog signal into a digital bit stream is known as a. Pulse code modulation b. Pulse stretcher c. Query processing d. Queue management

Description : A technique used by codes to convert an analog signal into a digital bit stream is known as a. Pulse code modulation b. Pulse stretcher c. Query processing d. Queue management

Last Answer : a. Pulse code modulation

The personnel who deals with the computer and its management put together are called a. Software b. Human ware c. Firmware d. Hardware

Description : The personnel who deals with the computer and its management put together are called a. Software b. Human ware c. Firmware d. Hardware

Last Answer : b. Human ware

A technique used by codes to convert an analog signal into a digital bit stream is known as a. Pulse code modulation b. Pulse stretcher c. Query processing d. Queue management

Description : A technique used by codes to convert an analog signal into a digital bit stream is known as a. Pulse code modulation b. Pulse stretcher c. Query processing d. Queue management

Last Answer : a. Pulse code modulation

Any method for controlling access to or use of memory is known a. Memory map b. Memory protection c. Memory management d. Memory instruction

Description : Any method for controlling access to or use of memory is known a. Memory map b. Memory protection c. Memory management d. Memory instruction

Last Answer : b. Memory protection

Which act gave the Government enormous control over the management? A. Company's act B. Industrial act C. M.R.T.P. Act D. Both (A) and (B)

Description : Which act gave the Government enormous control over the management? A. Company's act B. Industrial act C. M.R.T.P. Act D. Both (A) and (B)

Last Answer : D. Both (A) and (B)

Assertion (A). Private location process leads to change in management with change in ownership. Reason (R). Change in management is not a necessary condition for the process of privatisation. A. Both (A) and (R) are correct. B. (A) is correct but (R) is incorrect. C. (A) is incorrect but (R) is correct. D. Both (A) and (R) are incorrect.

Description : Assertion (A). Private location process leads to change in management with change in ownership. Reason (R). Change in management is not a necessary condition for the process of privatisation. A. Both (A) and (R) are ... C. (A) is incorrect but (R) is correct. D. Both (A) and (R) are incorrect.

Last Answer : B. (A) is correct but (R) is incorrect.

Arrange the following Acts in the order in which they came into force. (i) The Monopolies Restrictive Trade Practices Act (ii) Indian Contract Act (iii) The Sale of Goods Act (iv) The Foreign Exchange Management Act A. (il), (iii), (i), (iv) B. (iii), (i), (iv) and (ii) C. (i), (ii), (iii), (iv) D. (iv), (iii), (ii), (i)

Description : Arrange the following Acts in the order in which they came into force. (i) The Monopolies Restrictive Trade Practices Act (ii) Indian Contract Act (iii) The Sale of Goods Act (iv) The Foreign Exchange Management Act A. (il), (iii), (i ... (ii) C. (i), (ii), (iii), (iv) D. (iv), (iii), (ii), (i)

Last Answer : B. (iii), (i), (iv) and (ii)

FEMA signifies A. Free Export management act B. Foreign Exchange management act C. Foreign Exchange monitoring act D. Free Export marketing act

Description : FEMA signifies A. Free Export management act B. Foreign Exchange management act C. Foreign Exchange monitoring act D. Free Export marketing act

Last Answer : B. Foreign Exchange management act

The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. Implementing adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Description : The management responsibility to detect and prevent fraud and error is accomplished by a. Having an annual audit of financial statements. b. Implementing adequate quality control system. c. ... adequate accounting and internal control system. d. Issuing a representation letter to the auditor.

Last Answer : Implementing adequate accounting and internal control system

Explain the difference between financial accounting and management accounting?

Description : Explain the difference between financial accounting and management accounting?

Last Answer : Management accounting is a tool that managers use to perform day-to-day operations in an organization. This type of accounting usually does not provide exact numbers, but rather estimate ... status of the organization to its external stakeholders. This type of accounting provides accurate numbers.

An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert witness in accounting, auditing or tax matters, given certain stipulated facts. b. assurance. c. Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party. d. Provide tax advice or prepare a tax return based on financial information the CPA has not audited or reviewed.

Description : An attestation engagement is one in which a CPA is engaged to: a. Assemble prospective financial statements based on the assumptions of the entity's management without expressing any Testify as an expert ... or prepare a tax return based on financial information the CPA has not audited or reviewed.

Last Answer : Issue a written communication expressing a conclusion about the reliability of a written assertion that is the responsibility of another party