Business studies Mcqs, Accounts Mcqs, Business studies notes,Quiz and case Based Questions, Quizizz

Theory base accounting and accounting standards Quiz-2 Index => Theory base accounting and accounting standards Quiz-2 Quiz Show all questions <=   => Which of the following is not a characteristic of accounting principles? ?   They are flexible. ?   They are generally accepted. ?   They are objective. ?   They are neutral. Accounting standards are not perfect and have some limitations. Which of the following is NOT a limitation of accounting standards? ?   They are based on historical costs. ?   They are subjective and open to interpretation. ?   They may not be relevant to all users of financial statements. ?   They are constantly evolving. The verifiable objective concept is an accounting principle that states that accounting information must be verifiable and objective. Which of the following is an example of the verifiable objective concept? ?   A business records a sale when

Ledger Quiz-1 Index => Ledger Quiz-1 Quiz Show all questions <=   => From which of the following is a ledger account prepared. ?   Transactions ?   Events ?   Journal ?   None of the above If the total of the debit side exceeds the total of the credit side, the ledger account is said to have a: ?   Debit balance ?   Credit balance ?   Surplus balance ?   Normal balance The process of finding out the balance of a ledger account is known as: ?   Posting ?   Calculation ?   Investigation ?   Balancing Which one of the following is known as the king of all books of accounts? ?   General journal ?   Cash book ?   General ledger ?   Business book A ledger is called a book of. ?   Primary entry ?   Original entry ?   Final entry ?   None of the above If an account has a credit balance, it means: ?   Both debit and credit sides are equal ?   Total of credit side exceeds total of debit s