Tag: commercial applications

Questions Related to commercial applications

A forestation programmes call for the introduction of plants form _________________.

commercial applications forest and wildlife laws - environmental ethics and resource use environmental conservation. our social responsibility conservation of forest laws and movements for the conservation of forests and wildlife

  1. Desert regions as these can withstand adverse conditions

  2. Arctic environment because of their short stature and sturdiness

  3. Iso-climatic regions

  4. And environment of maximum heterogene

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Correct Option: A

Afforestation should be with

commercial applications forest and wildlife laws - environmental ethics and resource use environmental conservation. our social responsibility conservation of forest laws and movements for the conservation of forests and wildlife

  1. exotic species

  2. indigenous species

  3. bamboos

  4. sequoia

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Correct Option: B

The concept of joint Forest Management (JFM) involves _________________________.

commercial applications forest and wildlife laws - environmental ethics and resource use environmental conservation. our social responsibility conservation of forest laws and movements for the conservation of forests and wildlife

  1. Conservation of forest and agricultural land by the government

  2. Conservation of forests and wildlife by the local communities

  3. Work in close association with the local communities for protecting and managing forests

  4. Exploitation of beneficial forest products only

Show answer
Correct Option: C
Explanation:

Realising the significance of participation by local communities, the Government of India in 1980s has introduced the concept of joint forest Management (JFM) so as to work closely with the local communities for protecting and managing forests. In return for their services to the forest, the communities get benefit of various forest products (minor forest products), and thus the forest can be conserved in a sustainable manner. Presently, there are 84632 JFM committees with 17.33 million hectare forest area under them. Some 85.28 lakh families are involved in them all over the country.

Book-keeping is an ________ of correctly recording of business transaction.

commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

  1. Art and science

  2. Art

  3. Science

  4. Art or Science

Show answer
Correct Option: A
Explanation:

Book-keeping is that branch of knowledge which tells us how to keep a record of financial transaction. Book - keeping may be defined as the science and art of recording transactions in books so accurately and systematically that the true state of a business can be correctly ascertained. 

The work of a book keeper is ______ in nature.

commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

  1. Analytical

  2. Clerical

  3. Executive

  4. Non-executive

Show answer
Correct Option: B
Explanation:

Book keeping is a process of recording the business transaction in specified set of books. All business transactions must be recorded in a book which is called journal.  
Book keeping does not involve interpreting and communication of financial information. 

The person who is recording the transaction is called book keeper. Its a clerical work only.

A business can not run without book keeping. 

commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

Book keeping is a systematic records of transaction however there are certain limitations such as book keeping doesn't follow the principle of double entry system moreover it is based on cash basis of accounting  but not made on an accruals basis so it is not necessary for a firm to use book keeping it can run without book keeping. 

Importance and utility of Book-keeping is _________ .

commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

  1. Help in future reference

  2. Knowledge about Financial status

  3. Help in comparison

  4. All of the above

Show answer
Correct Option: D
Explanation:

Bookkeeping is the organization of financial information. Keeping your financial records organized makes it easier to locate and provide to appropriate parties. Bookkeeping is important because it helps with business analysis. It is a tool used by management to analyze business performance. It helps in taking the financial decision and comparison between the two firm also.

Book keeping is necessary only for organising with profit objective.

commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

Book keeping is the recording, on day to day basis, of the financial transactions and informations pertaining to a business. Essentially, book keeping means recording and tracking the numbers involved in the financial side of the business in a organized way. It is essential for business, but it is also useful for individuals and  non-profit organizations. 

Book keeping records monetary transactions only. 

commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

Money measurement concept says that only those transactions are recorded in the books of account which has the monetary value. 

Therefore only transactions which have the monetary value to be recorded in books. 
If there is money, there is accounting. No Money No accounting.

______ is an activity concerned with the recording of financial data relating to business operations in significant and orderly manner.

commercial applications generally accepted accounting principles (gaap) distinction between accounting and book-keeping distinction between book-keeping and accounting meaning and objectives of accounting

  1. Accounting

  2. Book keeping

  3. Auditing

  4. Vouching

Show answer
Correct Option: B
Explanation:

Book keeping is the recording of financial transactions, and is part of the process of accounting in business. It is a process concerned with recording of transactions. Book keeping is mainly concerned with financial data recording. Book keeping refers mainly to the record keeping aspects of accounting. book keeping involves preparing source documents for all transactions, operations, and other events of the business.