TEL 1 - Basic Fundamentals of Accounting

Quiz
•
Professional Development
•
Professional Development
•
Hard
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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