Meaning, need and objectives of accounting - class-XI
Description: meaning, need and objectives of accounting | |
Number of Questions: 81 | |
Created by: Arav Srivastava | |
Tags: commercial studies introduction journal and ledger economics accountancy introduction to accountancy theory base of accounting elements of accounts accounting and its terminology financial statements of business organisations nature and terminology of accounting introduction to accounting book keeping and accounting accounting in business final accounts generally accepted accounting principles (gaap) commercial applications book keeping and accountancy meaning, objectives and terminology of accounting business studies book-keeping - ledger |
The process of accounting starts with _______ and ends with_______.
Balancing of account means ______________.
Identified and measured economic events should be recorded in _________order.
Which is the last step of accounting as a process of information ?
Accounting is BEST described as________.
Financial recovery of a loss making company is known as _____________.
Employees adopt attitudes and behaviours in response to the social cues provided by agars with whom they have contact is called ____________.
Which of the following should not be called 'Sales'?
______ is used by business entities for keeping records of their monetary or financial transaction.
Accounting records only those transactions and events which are of -
X. Social character
Y. Financial character
Select the correct answer from the options given below:
________ is the language of business and used to communicate financial and other information to different interested parties like creditors, investors, researchers, governments etc.
Which of the following account is tangible real account _____________.
At present how many AS are in force ?
Which of the following account is the odd one?
Wages and other benefits, provided to assembly line workers and operators of machine are classified under ________________.
Accounting is a substitute of ________ .
Accounting is a language of _________.
Range, in which relationship exists between level of activity or total cost is called ____________.
An official entity that represents bondholders and ensures stated rules in indenture is classified as __________.
The basic function of financial accounting is to ___________.
Generally, under the single entry system __________.
The prime function of accounting is to ____________.
The appropriate objective of an enterprise is _________.
The first step in the accounting process is_______.
Summarizing take place in the form of ________.
Which of the following pairs are correctly matched?
I. Business entity - Accounting standard
II. Stock valuation - Consistency
III. Capital - Drawings
IV. Going concern - Assumption
Select the correct answer using the codes given.
The prime function of accounting is to _________________.
The second important stage in the accounting process is______.
Standard hour is a _____________.
Interpretation is usually done through ________.
The end result of accounting process is_________.
The final step in deliberations before acting is termed as ____________.
A comprehensive theory of buyer behavior is formulated by _____________.
'Ego' refers to ________________.
Specific cost is also known as the ________________.
Which of the following is an accounting equation?
Which of the following statement is true ?
Accounting is a process of recording, classifying, summarising, analysing and interpreting the financial transactions and communicating the result thereof to the users of such information. State whether the statement is true or false.
The work of accounting depends upon________.
Book - keeping is an art and science of recording transactions.
Customs and traditions which guide the accounts to prepare accounting statements are called ______________.
Book- keeping and accounting are one and the same thing.
A person who is unable to pay his debts, is called_______.
The work of book-keeping is of __________ nature.
________ is concerned with the systematic analysis of the recorded data with a view to group transactions or entries of one nature at one place.
_______ defined Accounting as 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 thereafter.
________ is the last phase of Accounting process.
_______ is the first phase of accounting process.
Which of these statements is true about book keeping?
Which of these is not one of the function of accounting?
Function(s) of Accounting is/are _______ .
State whether the following statement is 'True' or 'False':
In accounting, all business transactions are recorded as having dual aspect.
Which of these process is/are not the function of Book Keeping?
Which of these processes are the function of book keeping?
No profit should be anticipated but every possible loss should be provided for.
Accounting is the process of matching _________.
Which of the following describes the proper sequence of actions in the accounting cycle?
Accounting is defined as "the __________ of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof".
Accounting is :
1. An art
2. A science
Select the correct answer from the options given below ___________.
State with reasons whether the following statement is true or false.
Accounting can be viewed as an information system which has its input processing methods and output.
Accounting involves _________.
Most appropriate way of defining accounting will be ___________.
Amit is recording sales transactions in the accounting system so that they can be summarized in a logical manner for the purpose of providing financial information for decision-making. Amit is doing ___________.
Accounting is BEST described as__________.
A chronological record of transaction may be found in _______.
Casual vacancy occurs only when ________.
Business is treated as a separate entity accounts for ______________.
A vacant position that arises because of the resignation of the director can only be filed in ____________.
Insurance claim for loss-in-transit received by consignor is _________________.
- The cost of stock as per physical verification as on 24th March amounted to Rs.2,00,000. Purchases as per Purchases Book after stock taking till 31st March amounted to Rs.2,00,000 and included the following:
(i) Rs.10,000 for goods received till 23rd March.
(ii) Rs.20,000 for goods received on 1st April. Sales as per Sales Book after stock taking, till 31st March amounted to Rs.2,00,000 and included the following:
(I) Rs.10,000 for goods delivered till 23rd March. (II) Rs.20,000 for goods delivered on 1st April. Goods are sold by the trader at a profit of 25% on Cost. The value of stock as per books Is ____________.
The debit side of manufacturing Account __________________.
Under sales on return or approval basis, the ownership of goods is passed only ____________________.
Sales to Meena Rs. 143 was debited as 413 _________________.
The secretary of a company is generally appointed by ________________.
The liability of auditor can be ____________.
________ is concerned with the recording process of accounting.