TEL 1 - Basic Fundamentals of Accounting

TEL 1 - Basic Fundamentals of Accounting

Professional Development

15 Qs

quiz-placeholder

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TEL 1 - Basic Fundamentals of Accounting

TEL 1 - Basic Fundamentals of Accounting

Assessment

Quiz

Professional Development

Professional Development

Hard

Created by

SANDEEP KUMAR

Used 85+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following financial statements helps verify the arithmetical accuracy of posting to the ledger accounts?

Balance Sheet

Profit and Loss a/c

Ratio Analysis

Trial Balance

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Debit all expenses and losses, Credit all income and gains is the Golden rule for which of the following types of accounts?

Personal Accounts

Real Accounts

Nominal Accounts

General Accounts

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Accounts-related to individuals, a group of individuals, firms, and institutions. This statement is used for which one of the following types of accounts?

General Accounts

Personal Accounts

Real Accounts

Nominal Accounts

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Does the accounting process begin with identifying and recording the transaction in the books of accounts?

True

False

None

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

…………………………..is not an Accounting Group in Tally?

Indirect Expenses

Profit & Loss a/c

Sales Account

Misc. Expenses (Assets)

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Pinnacle Enterprises paid ‘Conveyance’ expenses. Which Accounting Group did you select during the creation of this ledger?

Direct Expenses

Indirect Income

Direct Income

Indirect Expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the given option will lead to a flow out of money from Pinnacle Enterprises?

Capital Introduced by Mr. Kumar

Loan received from Bank

Purchases and Expenses

Sales and Income

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