Description : A list of balances of all the accounts in ledger is called __________
Last Answer : A list of balances of all the accounts in ledger is called __________ (a) Balance Sheet (b) Profit and ... c (c) Trading A/c (d) Trial Balance
Description : A post-closing trial balance should be prepared a. before closing entries are posted to the ledger accounts. b. after closing entries are posted to the ledger accounts. c. before adjusting entries are posted to the ledger accounts. d. only if an error in the accounts is detected.
Last Answer : b. after closing entries are posted to the ledger accounts.
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
Description : Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.
Last Answer : c. cause the revenue and expense accounts to have zero balances.
Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.
Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.
Description : An advice of transfer in form SB-9 is prepared in ______ by a) APM, duplicate b) APM, single c) Postmaster , duplicate d) Ledger assistant, duplicate
Last Answer : d) Ledger assistant, duplicate
Description : Ledger accounts are balanced every day.
Last Answer : State whether the following statement are ‘True or False’ with reason : Ledger accounts are balanced every day.
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.
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?
Description : present the Counter Assistant is authorized to receive deposits and allow withdrawals up to Rs.--------------/- in savings accounts only under his own power without showing the documents to the Ledger Assistant and the Supervisor. a) 5000 b) 2000 c) 4000 d) None of these
Last Answer : a) 5000
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.
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
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
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.
Description : A double rule applied to accounts in the ledger during the closing process implies that a. the account is an income statement account. b. the account is a balance sheet account. c. the account balance is not zero. d. a mistake has been made, since double ruling is prescribed.
Last Answer : a. the account is an income statement account.
Description : After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.
Last Answer : a. adjusted trial balance.
Description : Which of the following is wrong? (a) All real and personal accounts are transferred to balance sheet (b) Nominal accounts are transferred to P &L account (c) Each account is opened separately in ledger (d) Rent is a personal account, outstanding rent is nominal account
Last Answer : d) Rent is a personal account, outstanding rent is nominal accoun
Description : The work of accounting depends upon ____________ (a) book-keeping (b) cash book (c) subsidiary books (d) ledger
Last Answer : The work of accounting depends upon ____________ (a) book-keeping (b) cash book (c) subsidiary books (d) ledger
Description : Why would corporations want to achieve zero balances in their checking accounts?
Last Answer : to earn more interest
Description : For initial audits, additional matters the auditor may consider in the overall audit strategy and audit plan include the following except a. Major issues including the application of ... firm personnel with appropriate levels of capabilities and competence to respond to anticipated significant risks
Last Answer : Confirmation of material accounts receivable balance at the end of the year.
Description : The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the ... next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.
Last Answer : b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
Description : A post-closing trial balance will show a. zero balances for all accounts. b. zero balances for balance sheet accounts. c. only balance sheet accounts. d. only income statement accounts.
Last Answer : c. only balance sheet accounts.
Description : A post-closing trial balance will show a. only permanent account balances. b. only temporary account balances. c. zero balances for all accounts. d. the amount of net income (or loss) for the period.
Last Answer : a. only permanent account balances.
Description : Final accounts prepared in narrative style are in– (A) Horizontal form (B) Accounts form (C) Vertical form (D) None of the above
Last Answer : Answer: Vertical form
Description : The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Methods of statistical sampling to be used ... for the auditor's opinion. d. Schedules and analyses to be prepared by the client's staf
Last Answer : Schedules and analyses to be prepared by the client's staf
Description : An auditor may accept an engagement to perform specified procedures on the specific subject matter of specified elements, accounts, or items of a financial statement if a. The report does not list ... are prepared in accordance with a special purpose framework. d. Use of the report is restricted
Last Answer : Use of the report is restricted
Description : The objections statements are prepared by the accounts offices in --------------- a. Duplicate b. Triplicate c. Single Copy
Last Answer : a. Duplicate
Description : . A credit memorandum is prepared when a. an employee does a good job. b. goods are sold on credit. c. goods that were sold on credit are returned. d. customers refuse to pay their accounts.
Last Answer : c. goods that were sold on credit are returned.
Description : Real accounts generally shows ___________ balance.
Last Answer : Real accounts generally shows ___________ balance. (a) Debit (b) Credit (c) Negative (d) Nil
Description : The ____________ enlist 64 Indian scripts.
Last Answer : The ____________ enlist 64 Indian scripts. (a) Deepvamsa (b) Mahavamsa (c) Lalitvistar (d) Chullavamsa
Description : ____________ was the first woman to become a Buddhist nun in Sri Lanka.
Last Answer : ____________ was the first woman to become a Buddhist nun in Sri Lanka. (a) Sanghamitra (b) Anula (c) Anuradha (d) Tara
Description : ____________ is the Latin name of Iran.
Last Answer : ____________ is the Latin name of Iran. (a) Pars (b) Ariana (c) Susa (d) Persepolis
Description : The Iranian empire was established by ____________ of the Achaemenid dynasty.
Last Answer : The Iranian empire was established by ____________ of the Achaemenid dynasty. (a) Cyrus the Great (b) ... the Great (c) Daryush (d) Xerxes
Description : ____________ became the king of Macedonia.
Last Answer : ____________ became the king of Macedonia. (a) Daryush-I (b) Xerxes (c) Cyrus the Great (d) Alexander
Description : The ____________ also mentions trade by exchange, negotiations, and traders travelling far and wide to earn profits.
Last Answer : Choose the correct reason and complete the sentence: The ____________ also mentions trade by exchange, ... Samaveda (c) Yajurveda (d) Rigveda
Description : The ____________ is regarded as the text that is fundamental in development of Indian music.
Last Answer : The ____________ is regarded as the text that is fundamental in development of Indian music. (a) ... ) Samaveda (c) Yajurveda (d) Atharvaveda
Description : The verses in ____________ is known on ‘Rueha’.
Last Answer : The verses in ____________ is known on ‘Rueha’. (a) Samaveda (b) Rigveda (c) Atharvaveda (d) Yajurveda
Description : ____________ function implies compliance of various provisions of Acts applicable to the organization.
Last Answer : ____________ function implies compliance of various provisions of Acts applicable to the organization. (a) Financial (b) Statutory (c) Office
Description : In the year 1583, an Italian merchant ____________ came to Kochi, Kerala.
Last Answer : In the year 1583, an Italian merchant ____________ came to Kochi, Kerala. (a) Vasco da Gama (b) Filippo Sassetti (c) Albuquerque (d) Ferdinand
Description : ____________ was composed in India around 1500 B.C.E.
Last Answer : ____________ was composed in India around 1500 B.C.E. (a) Atharvaveda (b) Samaveda (c) Yajurveda (d) Rigveda
Description : ____________ mentioned as the Lord of Urvara.
Last Answer : ____________ mentioned as the Lord of Urvara. (a) Agni (b) Varun (c) Indra (d) Pushan
Description : ____________ means ability to adjust oneself to changing situation.
Last Answer : ____________ means ability to adjust oneself to changing situation. (a) Loyalty (b) Adaptability (c) Punctuality
Description : In fixed instalment system the amount of depreciation is ____________ every year.
Last Answer : In fixed instalment system the amount of depreciation is ____________ every year. (a) constant (b) fluctuating (c) increased (d) decreased
Description : A ____________ site was found at Lahuradeva in Sant Kabirnagar district of Uttar Pradesh.
Last Answer : Choose the correct alternative and write the complete sentence: A ____________ site was found at Lahuradeva ... (c) Neolithic (d) Chalcolithic
Description : in ____________ mesolithic man existed during 10000-4000 B.C.E.
Last Answer : Choose the correct alternative and write the complete sentence: in ____________ mesolithic man existed during ... (c) Bihar (d) Northeast India
Description : Pasting wet clay ribbons and making patterns on them is known as ____________ work.
Last Answer : Choose the correct alternative and write the complete sentence: Pasting wet clay ribbons and making patterns ... (c) apply (d) amalgamation
Description : Microliths were found in ____________ age.
Last Answer : Choose the correct alternative and write the complete sentence: Microliths were found in ____________ age ... (c) Mesolithic (d) Palaeolithic
Description : ____________ made the first stone tools.
Last Answer : Choose the correct alternative and write the complete sentence: ____________ made the first stone tools. (a ... (c) Homo habilis (d) Homo phones
Description : Total of Sales book is ____________ to sales account.
Last Answer : Total of Sales book is ____________ to sales account. (a) entered (b) moved (c) posted (d) given
Description : According to ____________ concept, assets are recorded at a price paid to acquire them.
Last Answer : According to ____________ concept, assets are recorded at a price paid to acquire them. (a) Cost ... measurement (c) Entity (d) Dual aspect