1. The Book of original entry is also called_________________________.

2. ________________________means manipulations of accounts in a way so as to conceal the

vital facts and present the financial statements to show a better position than what it
actually is.
3. The most recently developed branch of accounting that helps the management in decision
making is___________________________.
4. Book keeping is an art of ____________ business transactions in a systematic manner.
5. ________________________ is a systematic knowledge of Accounting.
6. Accounting information contain information related to :-
a. Information related to Profit and surplus
b .Information related to Financial Position and
c. Information related to _______________.
7. The system which recognises and records both aspects of transaction is known as
____________________concept.
8. Accounting from Incomplete record is also known as _________________ system.
9. Which of the following is not a qualitative character of Accounting Information
A. Reliability B. Understandibility C. Comparability D. Materiality.
10. Transactions are posted into Ledger Accounts from :-
A. Vouchers B. Journal Book C. Bank Statement D None of these.
11. Owner’s Equity or Net Worth of the business is also known as ________________.
12. _______________ are future economic benefits , the rights , which are owned or controlled
by the business.
13. The expenditures incurred to acquire the assets or improving the existing assets which will
increase the earning capacity of the business are called.______________________.
14. _____________________ is the increase in owners’ equity resulting from something other
than the day to day earning or from irregular or non-recurring nature.
15. Trade Receivable is a sum of total of ______________ and _________________.
16. ___________________ is an evidence of business transaction.
17. ________________is allowed for timely payment of dues.
18. The person unable to pay his debts is known as _________________.
19. ________________________ is referred to Revenue from Operating Activities.
20. Which one of following is not an intangible assets :-
A. Patents B. Livestock C. Goodwill D. Copyrights.
21. As per this concept, it is assumed that the business shall continue for a foreseeable period,
this concept is __________________.
22. The life of the business is broken into smaller period usually one year is as per concept of
Accounting period, this concept is also based on ____________________________.
23. Don’t anticipate a profit, but provide for all possible losses, this is as per
___________________.
24. In case of Companies, Accounting Standards notified under Companies Act __________are
followed.
25. Under _____________________ income is recorded as income when it is earned or accrued.
26. Accounting Equation is based on ______________________.
27. The account of Club or a Cooperative Society is of _________________________nature.
28. Accrued Income represents _________________________________of nature.
29. Nominal accounts are related to _________________and ______________________.
30. __________________________ is prepared by the seller when goods are sold on credit.
31. When a transaction is recorded , an evidence to that effect is also established , such
evidences are called________________________.
32. Credit purchase of furniture is recorded through____________ vouchers.
33. Cash Vouchers are classified into two parts ________________________and
________________________.
34. The vouchers to record non cash transaction are called ____________________________.
35. ______________________is called Principal Book of account.
36. ____________________ is called Book of Original Entry or Book or Primary entry.
37. Goods given as charity, in this entry, _______________ account will be credited.
38. Rebate received from Rajesh, _______________account will be debited.
39. Rs. 10000 due from Ram, are irrecoverable, ____________account will be debited.
40. The very first entry to record closing balance of the previous year, is
called_________________ entry.
41. GST paid by the Purchaser of Goods and services on interstate transactions is called
___________________.
42. GST is levied on the incremental value so it is also called ________________ tax.
43. Income tax paid will be debited to ____________ account.
44. In the transaction “Honoured our own acceptance”_______________ account will be
debited.
45. All the business transactions are recorded in ____________order.
46. _________ is the discount allowed for poor quality of goods.
47. Withdrawal of goods by the owner will be credited to ___________ account.
48. _____________ is calculated on the list price of goods purchased and not shown anywhere .
49. All the transactions are recorded in the journal and thereafter posted to relevant account ,
all the accounts put together make a ___________ .
50. The process of transferring the transaction written in the Journal to a Ledger is called
__________.
51. ___________ is prepared to check the arithmetical accuracy of accounts.
52. Ledger is also called a book of ________ entry.
53. The entries which affects both cash and bank and need not to be posted outside cash book
are called __________.
54. While preparing cash book cash discount allowed or received are recorded in
________________.
55. The system of paying cash advance in the beginning and reimbursing the amount is
called__________ of cash book.
56. Simple petty cash book is like a _________(Cash book ,statement, journal, Ledger)
57. ____________ are set of guidelines to prepare present financial statements.
58. The concept of outstanding and advances recognises _________ bases of accounting.
59. Accounting Standards (AS-__) deals with valuation of stock.
60. Accounting of Intangible Assets is done as per Accounting Standard(AS-____).
61. Goods sold of the cost price Rs.2,00,000 at 30% above less 10% trade discount to Sumit, He
paid half the amount in cash and availed 2% cash discount, IGST being 12%. Amount
received from Sumit in this transaction will be _______________.
62. Purchased goods from Naman of list price Rs.100000 plus C.G.S.T & S.G.S.T @ 6% each at
10% trade discount . Naman’s account will be credited with amount of Rs. ___________ in
this transaction.
63. According to this concept, all Assets acquired should be recorded at its
cost____________________.
64. The primary function of ________________is to maintain systematic record of financial
transactions and events.
65. The Assets which are neither Tangible or Intangible are known as ______________Assets.
66. According to ___________________________ , accounting practices once adopted should
be applied continuously year after year.
67. Ledger is called the __________ Book of account.
68. Closing stock should be valued at lower cost, market price or cost price, it is as per which
concept._______________________.
69. GST collected by the seller of goods and services locally is called____________________.
70. Accounting Standards (AS -___) deals with classification of investment as Short & Long term
Investment.
71. The transfer of Journal Entry to Ledger Account is called___________________.
72. If Rohit our old customer whose account promise to pay Rs.5,000, _____________account
will be debited.
73. Ledger account is prepared from _________.
74. According to this__________________ concept , revenue is considered to have been
realised when a transaction has been entered into and obligation to receive the amount is
established.
75. All those transactions which cannot be recorded in subsidiary books, are recorded in
_________________.
76. Business units lasts indefinitely, it is based on ___________ assumptions.
77. GST paid on purchase of goods and services is a ____________account and shown in the
Balance sheet on ____________ side.
78. ___________________ is a journal entry in which more than two accounts are affected.
79. Drawing Account is of which nature_____________________________.
80. GST collected is not an income but it is a ___________ for the trader.