Tag: commercial applications

Questions Related to commercial applications

Humans are

commercial applications water and air and their importance natural resources and their types promotion of renewable resources protecting our environment

  1. Inexhaustible resource

  2. Renewable but inexhaustible resource

  3. Renewable and exhaustible resource

  4. Nonrenewable resource

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Correct Option: A
Explanation:

Inexhaustible resources are also called as renewable resources. These are present win abundance in the nature. They cannot be depleted or exhausted by human activity. Examples include water, sand and solar energy. Human energy is the greatest inexhaustible resource.

Thus, the correct answer is 'Inexhaustible resource.'

Minerals, metals and fossil fuels are which type of resources of energy? 

commercial applications water and air and their importance natural resources and their types promotion of renewable resources protecting our environment

  1. Renewable

  2. Non-renewable

  3. Biodegradable

  4. Degradable

Show answer
Correct Option: B
Explanation:

A non-renewable resource (also called as finite resource) is a resource, that does not renew itself at a sufficient rate for sustainable economic extraction. Non-renewable resources are resources, that are not easily replenished by the environment. Earth minerals and metal ores, fossil fuels (such as coal, petroleum, and natural gas), nuclear fuels, and groundwater in certain aquifers are all non-renewable resources.

Water is considered to be

commercial applications water and air and their importance natural resources and their types promotion of renewable resources protecting our environment

  1. Renewable and degradable resource

  2. Non-renewable resource

  3. Non-degradable non-maintainable

  4. None of the above

Show answer
Correct Option: A
Explanation:

The resources which can be replenished again after their consumption are referred as the renewable sources of energy. Water is considered as the renewable form of energy. The water reserves can be replenished by the rainfall. The water resource is degradable form of resource. The contaminants and pollutants from the industries can degrade the quality of the water in the water bodies. 

Thus, the correct answer is option A. 

The process of accounting starts with _______ and ends with_______.

commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

  1. Classifying, Recording

  2. Identifying the transaction, Communicating the information

  3. Financial account, Journal

  4. Recording, Classifying

Show answer
Correct Option: B
Explanation:

It is clear from the definition that accounting is not only concerned with recording, classifying or summarizing the transactions but it is also plays an important role in providing appropriate information to the business for decision making. 

Hence, the process of accounting starts with identification of transaction  and ends with communication of information.

Balancing of account means ______________.

commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

  1. Cash credit

  2. Total credit

  3. Difference in credit and debit

  4. Total debit

Show answer
Correct Option: C
Explanation:

For all business transactions, a ledger account is opened in the ledger to have a summary of each account. Balancing has to be done after a particular period for each of the account to know the final position of account. 


Hence, balancing is the difference between the debit and credit. If credit side exceeds the debit side, the balance is called as credit balance and vice versa. 

Identified and measured economic events should be recorded in _________order.

commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

  1. Chronological order

  2. Valuation  order

  3. Relevance order

  4. All of the above

Show answer
Correct Option: A
Explanation:

This is very much clear from the definition of accounting that all business transactions must be recorded in books of account in the chronological order. 


As and when an economic event is identified and measured, it has to be recorded in the books. 

So, if a sales is effected on 29th March, it has to be recorded on the same day and if purchase is effected on 31st March, it has to be recorded on 31st March itself.

Which is the last step of accounting as a process of information ? 

commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

  1. Recording of data in the books of accounts.

  2. Preparation of summaries in the form of financial statements.

  3. Communication of information.

  4. Analysis and interpretation of information.

Show answer
Correct Option: C
Explanation:

It is very clear from the definition of accounting that accounting is not only concerned with recording, classifying and summarizing the transactions but it also plays an important role in providing appropriate information to the business for decision making. Communicating the information to all the stakeholders is a last step of accounting.

Accounting is BEST described as________.

commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

  1. The use of financial data

  2. The collection of financial data

  3. The collection and use of financial data only

  4. The collection and use of financial and non-financial data

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Correct Option: D

Financial recovery of a loss making company is known as _____________.

commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

  1. Turn around

  2. Privatization

  3. Liberalization

  4. None of the above

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Correct Option: A

Employees adopt attitudes and behaviours in response to the social cues provided by agars with whom they have contact is called ____________.

commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

  1. SIP Model

  2. Socialisation

  3. Social Learning

  4. Social Attitude

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Correct Option: A