Tag: commercial applications

Questions Related to commercial applications

Which of the following should not be called 'Sales'?

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

  1. Office fixtures sold

  2. Goods sold for cash

  3. Goods sold on credit

  4. Sale of item previously included in 'Purchases'

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Correct Option: A

______ is used by business entities for keeping records of their monetary or financial transaction.

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

  1. Accounting

  2. Cost accounting

  3. Costing

  4. Budgetary Control

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Correct Option: A

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:

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

  1. X only

  2. Y only

  3. Both X and Y

  4. None of above

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Correct Option: B
Explanation:

Accounting records only those transactions & events in terms of money which are of a financial character. Transactions which are not of a financial character are not recorded in the books of account.

________ is the language of business and used to communicate financial and other information to different interested parties like creditors, investors, researchers, governments etc.

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

  1. Accounting

  2. Cost Accounting

  3. Costing

  4. Management Accounting

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Correct Option: A

Which of the following account is tangible real account _____________.

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

  1. Patent

  2. Goodwill

  3. Machinery

  4. Creditors

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Correct Option: C

At present how many AS are in force ?

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

  1. 29

  2. 30

  3. 31

  4. 32

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Correct Option: C

Which of the following account is the odd one?

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

  1. Salary A/c

  2. Wages A/c

  3. Rent A/c

  4. Outstanding A/c

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Correct Option: D

Wages and other benefits, provided to assembly line workers and operators of machine are classified under ________________.

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

  1. work in process costs

  2. finished costs

  3. direct manufacturing labour costs

  4. indirect manufacturing labour costs

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Correct Option: D

Accounting is a substitute of ________ .

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

  1. Recording

  2. Book-keeping

  3. Memory

  4. None of these

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Correct Option: C
Explanation:

During 1500 A.D., accounting was used by business firms for recording transactions related to business.

Substitute of memory− As, it is beyond human capabilities to remember each and every business transaction, so accounting plays an important role in recording these transactions in the book of accounts.

Accounting is a language of _________.

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

  1. business

  2. commerce

  3. economics

  4. none of these

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Correct Option: A