- Who is considered the father of modern accounting?
- a)Luca Friar Pacioli
- b) Betty
- c)Henry Fayol
- d)Gestonburg
Answer: A
- Who is considered the father of accounting in India?
- a)Chankya
- b)Aryabhatt
- c)Sri Kalyan Subramani Aiyar
- d) P. J Abdul Kalam
Answer: C
- Give some examples of Personal account.
Ans: Drawings, Capital, Loan etc
Note: Personal Accounts includes mainly debtors, creditors, outstanding expenses, prepaid expenses, accrued income, overdraft, Name of companies-schools-colleges-or any institutions or any naming word.
- Give some examples of real account.
Ans: Goodwill, Patents, Trade Mark, Copyright, Land and Building, Furniture, Fixtures, Cash, Bills receivable etc.
- Which of the following is not a real account?
- a)Cash account
- b)Stock account
- c)Machinery account
- d)Reserve for discount on creditors
Answer: D
- Which of the following is not a real account?
- a)Patents account
- b)Goodwill account
- c)Petty cash account
- d)Petty cash expenses account
Answer: D
- Which of the following is not a personal account?
- a)Capital Account
- b)Drawings Account
- c)Bills Payable Account
- d)Bills receivable Account
- e)All of the above
Answer: D
- Which of the following is not a personal account?
- a)Arihant Jewelers Ltd.
- b)Punjab National Bank
- c)Tinsukia College
- d)Reserve for discount on creditors Account
Answer: D
- Which of the following statement is correct?
- a)Book keeping is very old
- b)The work of book-keeping is usually entrusted to junior employees
- c)Function of book-keeping is performed by the book-keeper
- d)All of the above
Answer: D
- “Accounting is an art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are of a financial character and interpreting the result thereof.” This definition is given by:
- a)American Institute of Certified Public Accountants
- b) Betty
- c)Henry Fayol
- d)Gestonburg
Answer:
