The work of accounting depends upon ____________ (a) book-keeping (b) cash book (c) subsidiary books (d) ledger

The work of accounting depends upon ____________ (a) book-keeping (b) cash book (c) subsidiary books (d) ledger
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The work of accounting depends upon ____________ (a) book-keeping (b) cash book (c) subsidiary books (d) ledger
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Primary book" maintained in a business is 1. Journal 2. Ledger 3. Cash book 4. Account book 5. None of these

Description : Primary book" maintained in a business is 1. Journal 2. Ledger 3. Cash book 4. Account book 5. None of these

Last Answer : Journal

When a petty cash book is kept there will be A) No entries made at all in the general ledger for items paid by petty cash B) The same number of entries in the general ledger C) Fewer entries made in the general ledger D) More entries made in the general ledger

Description : When a petty cash book is kept there will be A) No entries made at all in the general ledger for items paid by petty cash B) The same number of entries in the general ledger C) Fewer entries made in the general ledger D) More entries made in the general ledger 

Last Answer : Answer: C

The following records may not be destroyed without the special permission of the Head of the Circle a) Post office order book b) Register of undeliverable pass books in deposit in the head office c) Post office certificate ledger d) Correspondence regarding which enquiry in progress or connected with the cases which have not been fully decided or closed e) All the above

Description : The following records may not be destroyed without the special permission of the Head of the Circle a) Post office order book b) Register of undeliverable pass books in deposit in the head office c) ... or connected with the cases which have not been fully decided or closed e) All the above

Last Answer : e) All the above

Which one of the following statements concerning the accounting cycle is incorrect? a. The accounting cycle includes journalizing transactions and posting to ledger accounts. b. The accounting cycle includes only one optional step. c. The steps in the accounting cycle are performed in sequence. d. The steps in the accounting cycle are repeated in each accounting period.

Description : Which one of the following statements concerning the accounting cycle is incorrect? a. The accounting cycle includes journalizing transactions and posting to ledger accounts. b. The accounting cycle includes ... sequence. d. The steps in the accounting cycle are repeated in each accounting period.

Last Answer : b. The accounting cycle includes only one optional step.

Which of the following steps in the accounting cycle would not generally be performed daily? a. Journalize transactions b. Post to ledger accounts c. Prepare adjusting entries d. Analyze business transactions

Description : Which of the following steps in the accounting cycle would not generally be performed daily? a. Journalize transactions b. Post to ledger accounts c. Prepare adjusting entries d. Analyze business transactions

Last Answer : c. Prepare adjusting entries

. Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts

Description : . Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts

Last Answer : b. Prepare a worksheet

he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.

Description : he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.

Last Answer : b. journalizing and posting adjusting entries.

____________ is prepared from the balances in the ledger accounts. 

Description : ____________ is prepared from the balances in the ledger accounts. 

Last Answer : ____________ is prepared from the balances in the ledger accounts. (a) List (b) Journal (c) Book (d) Trial Balance

____________ is the act of transferring an entry from journal to ledger. 

Description : ____________ is the act of transferring an entry from journal to ledger. 

Last Answer : ____________ is the act of transferring an entry from journal to ledger. (a) Journalising (b) Casting (c) Balancing (d) Posting

The credit default spread method of valuation of a guarantee given by a parent company on behalf of its subsidiary involves estimating the value ____________. a) using credit default spread based on the credit rating of the subsidiary b) using credit default spread based on the credit rating of the guarantor c) based on probability of default d) of the guarantee using an option pricing model

Description : The credit default spread method of valuation of a guarantee given by a parent company on behalf of its subsidiary involves estimating the value ____________. a) using credit default spread based on ... guarantor c) based on probability of default d) of the guarantee using an option pricing model

Last Answer : a) using credit default spread based on the credit rating of the subsidiary

Cash Flow Statement is based upon A. Cash basis of accounting B. Accrual basis of accounting C. Credit basis of accounting D. None of the above

Description : Cash Flow Statement is based upon A. Cash basis of accounting B. Accrual basis of accounting C. Credit basis of accounting D. None of the above

Last Answer : A. Cash basis of accounting

Which account listed below would be double ruled in the ledger as part of the closing process? a. Cash b. Retained Earnings c. Dividends

Description : Which account listed below would be double ruled in the ledger as part of the closing process? a. Cash b. Retained Earnings c. Dividends

Last Answer : c. Dividends

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

From which books of accounts posting is made in the Ledger?

Description : From which books of accounts posting is made in the Ledger?

Last Answer : From which books of accounts posting is made in the Ledger?

(i) In __________ Book-keeping system, only Cash/Bank A/c and Personal accounts of Debtors and Creditors are opened.

Description : (i) In __________ Book-keeping system, only Cash/Bank A/c and Personal accounts of Debtors and Creditors are opened.

Last Answer : Fill in the Blanks : (i) In __________ Book-keeping system, only Cash/Bank A/c ... ____________ accuracy is not guaranteed under Single Entry System.

The reason for keeping excess cash should be recorded in ------------- a. HO Summary b. Treasure’s Cash Book c Cash Account

Description : The reason for keeping excess cash should be recorded in ------------- a. HO Summary b. Treasure’s Cash Book c Cash Account

Last Answer : a. HO Summary

(i) The single Entry System of Book-keeping is a scientific method of books of accounts.

Description : (i) The single Entry System of Book-keeping is a scientific method of books of accounts.

Last Answer : Do you agree with the following statements? (i) The single Entry System of Book-keeping is ... Entry System follows the golden rules of accounts.

(i) An error in which the transaction is entered in the original book but not posted into the ledger.

Description : (i) An error in which the transaction is entered in the original book but not posted into the ledger.

Last Answer : Give one word/term or phrase for each of the following statements : (i) An error ... Errors can be rectified without passing rectification entries.

(i) __________ book is an extract of customer’s account in the ledger of bank.

Description : (i) __________ book is an extract of customer’s account in the ledger of bank.

Last Answer : Complete the following sentences: (i) __________ book is an extract of customer's account in ... to suppliers are recorded is known as _______

(i) A book of accounts in which all ledger accounts are maintained.

Description : (i) A book of accounts in which all ledger accounts are maintained.

Last Answer : Write the word, term, phrase, which can substitute each of the statement : (i) A book of ... 's prepared from the balances of the ledger account.

Why ledger Called the book of final entry?

Description : Why ledger Called the book of final entry?

Last Answer : Need answer

State the importance of following documents in transportation. i) Log-book ii) Vehicle Ledger.

Description : State the importance of following documents in transportation. i) Log-book ii) Vehicle Ledger.

Last Answer : 1) Log Book: Each vehicle has a log book which contains the details about the running time for a trip and allied factors. The driver of motor vehicle fills or updates log book regularly ... Thus the vehicle ledger is collective record of the trips exposing the financial aspect of transportation. 

(i) Machinery purchase on credit will be recorded in ___________ subsidiary book.

Description : (i) Machinery purchase on credit will be recorded in ___________ subsidiary book.

Last Answer : Complete the following sentences: (i) Machinery purchase on credit will be recorded in ___________ ... ) _______ Cheque is more safer for payments.

Proper storage battery maintenance includes ____________. A. keeping connections tight and casing surfaces clean B. making sure electrolyte level is below the separator plates C. insulating the terminals with naval jelly D. maintaining a high charging rate at all times

Description : Proper storage battery maintenance includes ____________. A. keeping connections tight and casing surfaces clean B. making sure electrolyte level is below the separator plates C. insulating the terminals with naval jelly D. maintaining a high charging rate at all times

Last Answer : Answer: A

Lowering of condenser temperature (keeping the evaporator temperature constant) in case of vapour compression refrigeration system results in (A) Increased COP (B) Same COP (C) Decreased COP (D) Increased or decreased COP; depending upon the type of refrigerant

Description : Lowering of condenser temperature (keeping the evaporator temperature constant) in case of vapour compression refrigeration system results in (A) Increased COP (B) Same COP (C) Decreased COP (D) Increased or decreased COP; depending upon the type of refrigerant

Last Answer : (A) Increased COP

How do I break into keeping books for small businesses?

Description : How do I break into keeping books for small businesses?

Last Answer : Well the kind of service you're thinking of doesn't really exist as such; small businesses either run their own accounts or get an accountant. That may mean that there is no market for people such as yourself ... Good luck with it, and hopefully one day I'll be seeing your name on the rich list! xx

What are good online address books for keeping ALL info, not just email addresses?

Description : What are good online address books for keeping ALL info, not just email addresses?

Last Answer : Outlook is great because it works with iphone too

Give reasons for the following: The Roman Catholic Church began keeping an index of prohibited Books from the mid-sixteenth century. -SST 10th

Description : Give reasons for the following: The Roman Catholic Church began keeping an index of prohibited Books from the mid-sixteenth century. -SST 10th

Last Answer : In the sixteenth century, The Roman Catholic Church had to face many dissents. People had written many books that interpreted the God and the creation in their own ways or as they liked. ... booksellers. The church banned such books and started maintaining an index of prohibited books from 1558.

The Roman Catholic Church began keeping an index of prohibited books from the mid-sixteenth century.' -SST 10th

Description : The Roman Catholic Church began keeping an index of prohibited books from the mid-sixteenth century.' -SST 10th

Last Answer : (i) People wanted to know more and more about their religion and about their church. (ii) This made the clergy afraid of the new awakening. (iii) They saw it as a threat to their ... over publishers and booksellers. (vi) They began to maintain an Index of Prohibited Books from 1558 onwards.

Give reasons for the following : (a) Woodblock print only came to Europe after 1295. [CBSE 2013] (b) Martin Luther was in favour of print and spoke out in praise of it. (c) The Roman Catholic Church began keeping an Index of Prohibited books from the mi -History

Description : Give reasons for the following : (a) Woodblock print only came to Europe after 1295. [CBSE 2013] (b) Martin Luther was in favour of print and spoke out in praise of it. (c) The Roman Catholic Church began keeping an Index of Prohibited books from the mi -History

Last Answer : In 1517 Martin Luther wrote Ninety Five Theses criticising many of the practices and rituals of the Roman Catholic Church. A printed copy of this was posted on a church door in Wittenberg. It ... cultivating public opinion. Thus the fight for Swaraj was a fight for this freedom than anything else.

Preservation period for keeping service Books after death, resigns and discharge of employee is ------- a. 10 years b. 2 Years c. 5 Years

Description : Preservation period for keeping service Books after death, resigns and discharge of employee is ------- a. 10 years b. 2 Years c. 5 Years

Last Answer : c. 5 Years

Which of the following duties is least likely to be required of all teachers? Options: A) Visiting the homes of the pupils B) Disciplining pupils in their care C) Keeping a record of text-books D) Preparing and grading examinations

Description : Which of the following duties is least likely to be required of all teachers? Options: A) Visiting the homes of the pupils B) Disciplining pupils in their care C) Keeping a record of text-books D) Preparing and grading examinations

Last Answer : A) Visiting the homes of the pupils 

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

20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)

Description : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)

Last Answer : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders. a) Started ... 000 . c) Cash sales ₹ 60,000 .

What happens in accounting when purchasing office supplies with Cash does our asses increase or decrease?

Description : What happens in accounting when purchasing office supplies with Cash does our asses increase or decrease?

Last Answer : Need answer

Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis of accounting only (B) Financial statements should be prepared according to the accrual basis of accounting only (C) Financial statements should be prepared according to either the cash basis or accrual basis of accounting (D) Financial statements should be prepared according to both the accrual and cash basis of accounting

Description : Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis ... Financial statements should be prepared according to both the accrual and cash basis of accounting

Last Answer : Answer: Financial statements should be prepared according to the accrual basis of accounting only

A sound capital budgeting technique is based on: A. Cash Flows B. Accounting Profit C. Interest rate on borrowings D. Last dividend paid

Description :  A sound capital budgeting technique is based on: A. Cash Flows B. Accounting Profit C. Interest rate on borrowings D. Last dividend paid

Last Answer : A. Cash Flows

The estimated benefits from a capital budgeting project are expected as cash flows rather than income flows because . A. it is more difficult to calculate income flows than cash flows B. it is cash, not accounting income, that is central to the firm's capital budgeting decision C. this is required by the accounting profession

Description : The estimated benefits from a capital budgeting project are expected as cash flows rather than income flows because . A. it is more difficult to calculate income flows than cash flows B. it ... is central to the firm's capital budgeting decision C. this is required by the accounting profession

Last Answer : B. it is cash, not accounting income, that is central to the firm's capital budgeting decision

In proper capital budgeting analysis we evaluate incremental cash flows. A. accounting B. operating C. before-tax D. financing

Description : In proper capital budgeting analysis we evaluate incremental cash flows. A. accounting B. operating C. before-tax D. financing

Last Answer : B. operating

Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily convertible into cash. b. Low growth and profitability as compared to other entity's in the same industry. c. Financial management's participation in the initial selection of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Description : Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily ... of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Last Answer : An overly complex organizational structure involving unusual lines of authority.

The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. Generally accepted auditing standards which include the concept of materiality b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Description : The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied within the framework of a. ... b. Generally accepted accounting principles. c. Philippine Financial Reporting Standards d. Quality control

Last Answer : Philippine Financial Reporting Standards

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

Determine which of the following method of accounting maybe used in the calculation of income under the head- “Profits and gains from business and profession” or “Income from other sources”? a) Mercantile system of accounting b) Cash system of accounting c) Both of the above maybe used d) casual accounting

Description : Determine which of the following method of accounting maybe used in the calculation of income under the head- Profits and gains from business and profession or Income from other sources ? a) Mercantile ... b) Cash system of accounting c) Both of the above maybe used d) casual accounting

Last Answer : c) Both of the above maybe used

As per Accounting Standard-3, Cash Flow is classified into A. Operating activities and investing activities B. Investing activities and financing activities C. Operating activities and financing activities D. Operating activities, financing activities and investing activities

Description : As per Accounting Standard-3, Cash Flow is classified into A. Operating activities and investing activities B. Investing activities and financing activities C. Operating activities and financing activities D. Operating activities, financing activities and investing activities

Last Answer : D. Operating activities, financing activities and investing activities

Cash Flow Statement is also known as A. Statement of Changes in Financial Position on Cash basis B. Statement accounting for variation in cash C. Both a and b D. None of the above

Description : Cash Flow Statement is also known as A. Statement of Changes in Financial Position on Cash basis B. Statement accounting for variation in cash C. Both a and b D. None of the above

Last Answer : C. Both a and b

Cash flow statement is based on---------- a) Cash basis of accounting b) Accounting equation c) Accrual basis of accounting d) None of these

Description : Cash flow statement is based on---------- a) Cash basis of accounting b) Accounting equation c) Accrual basis of accounting d) None of these

Last Answer : a) Cash basis of accounting

The accounting report indicates that Alton's sales increased by £2 millions last year. While the Chairman is pleased, the marketing vice president feels that inflation had a great deal to do with this result. She proposes that __________ may be a better gauge of the firm's performance last year. A)net sales B)gross profits C)market share D)cash flow

Description : The accounting report indicates that Alton's sales increased by £2 millions last year. While the Chairman is pleased, the marketing vice president feels that inflation had a great deal to do with this result ... the firm's performance last year. A)net sales B)gross profits C)market share D)cash flow

Last Answer : C)market share

When considering fraud risk factors relating to management’s characteristics, which of the following is least likely to indicate a risk of possible misstatement due to fraud? a. Failure to correct known reportable conditions on a timely basis. b. Use of unusually conservative accounting practices. c. Nonfinancial management’s preoccupation with the selection of accounting principles. d. Significant portion of management’s compensation represented by bonuses based upon achieving unduly aggressive operating results.

Description : When considering fraud risk factors relating to management's characteristics, which of the following is least likely to indicate a risk of possible misstatement due to fraud? a. ... portion of management's compensation represented by bonuses based upon achieving unduly aggressive operating results.

Last Answer : Use of unusually conservative accounting practices.

In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b. Provide a moderate level of assurance that the information is free of material misstatement. c. Provide a high, but not absolute, level of assurance that the information is free of material misstatement. d. Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

Description : In an engagement to perform agreed-upon procedures, an auditor is engaged to: a. Use accounting expertise as opposed to auditing expertise to collect, classify, and summarize financial information. b ... and the entity and any appropriate third parties have agreed and to report on factual findings

Last Answer : Carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings

A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted accounting principles. c. Supported by the client’s audited financial statements. d. Not subject to change upon audit

Description : A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted ... principles. c. Supported by the client's audited financial statements. d. Not subject to change upon audit

Last Answer : The legal minimum