GENERAL ACCOUNTING PRINCIPLES (GENERAL STUDIES)

Total Questions: 50

31. The main purpose of accounting is to give a _______ view of accounting.

Correct Answer: (d) True and Fair

32. Where _____ends _____ begins

Correct Answer: (b) Book keeping and Accounting

33. The person from whom goods are purchased on credit is known as ____

Correct Answer: (c) Creditor

34. Goods/Assets or Cash used for personal use by a businessman is called______

Correct Answer: (d) Drawings

35. The objective of financial accounting is to ascertain ______ for a particular period

Correct Answer: (b) Profit/Loss

36. What accounting method is followed for the recording of transactions?

Correct Answer: (c) Double Entry System

37. Book keeping is mainly concern with

Correct Answer: (c) Recording financial data relating to business operations and classifying it.

38. Posting of entries in the ledger is done from _____

Correct Answer: (c) Journal

39. According to which accounting principle personal expenses of proprietor are recorded in drawings account.

Correct Answer: (b) Business Entity Concept

40. Under which accounting principle quality of manpower is not recorded in the books of accounts

Correct Answer: (a) Money measurement