Class XI Introduction to Accounting

Recording of a Business transaction in a systematic way is called

• Accounting

• Recording

• Journalizing

• Book Keeping

In Accounting Recording is only made of

• Financial transaction

• Only non financial transactions

• Financial and non financial transactions

• Personal transactions

Internal users of Accounting Information are

• Creditors

• Investors

• Managers

• Researchers

Which of the following is not a limitation of Accounting

• Based on Accounting convention

• Evidence in legal matters

• Incomplete Information

• Omission of qualitative Information

The pioneer of Accounting is

• Arthur

• William Pickles

• Lucas Pacioli

• Gitman

Book Keeping is a part of Accounting

• True

• Flase

Accountancy is a chapter in Class XI Accounting

• True

• Flase

There is no relationship between accounting and Law

• True

• Flase

Accounting is a language of a business

• True

• False

Accounting is an art of:

• Recording, classifying, summarizing and interpreting the business transactions of financial nature.

• Recording of business transactions of financial nature in the books of original entry and in respective ledger accounts.

• Disseminating accounting information about the financial position of a business concern.

• Disseminating accounting information about the financial position of a business concern.