E5Mngmnt E6Telecom BS PL

Accounting is the information system that measures:

• a. business activities
• b. processes that information into reports
• c. communicates the results to decision makers
• d. All

Balance Sheet is a financial statement that helps you to check the financial health of a firm.

• a. True
• b. False
• c. Both
• d. None

Balance Sheet has details of

• a. Liabilities payable
• b. Assets owned
• c. Both
• d. None

Which statement is correct in respect of Balance Sheet

• a. Liabilities payable > Assets owned
• b. Liabilities payable < Assets owned
• c. Liabilities payable = Assets owned
• d. None of the above

What are the Various steps involved in the accounting procedures?

• a. Transactions
• b. Financial statements
• c. Auditing
• d. All of the above

The purchase of raw material is a transaction and it is evidenced by a document called:

• a. Receipt
• b. Voucher
• c. Balance sheet
• d. None of these

Transactions are recorded in various books of accounts on the basis of _____________.

• a. Receipt
• b. Voucher
• c. Balance sheet
• d. None of these

The _______ is a book to record all those transactions, which are not recorded in any specific book.

• a. Journal
• b. Balance sheet
• c. Ledger account
• d. None of these

The account book containing various account heads is called:

• a. Journal
• b. Balance sheet
• c. Ledger account
• d. None of these

The _______ is normally the basis for the preparation of financial statements called Profit & Loss Account and Balance Sheet.

• a. Trial balance
• b. Ledger account
• c. Final statement
• d. None of these