Important Questions (1 Marks) Year Asked

Q: Define Accounting. 2019

Q: What do you mean by Human Resource Accounting? 2019
Q: State two main qualitative characteristics of accounting information. 2014
Q: What are the fundamental assumptions of accounting? 2018
Q: What do you mean by Accounting Cycle? 2018
Q: What is Capital Fund? 2017
Q: Define asset. 2014-2018
Q: What is Current Asset? 2016
Q: What is Fixed Asset? 2018
Q: What is intangible asset? 2019
Q: What is Tangible Assets? 2017
Q: Write two examples of fictitious asset. 2016-2019
Q: Define liability. 2015
Q: What do you mean by Contigent Liability? 2018
Q: What do you mean by Current Lability? 2016
Q: Define an Expense. 2014
Q: Define revenue. 2015-2017
Q: Give one example of Deferred Revenue expenditure. 2017
Q: What do you mean by Accounting Standards? 2019
Q: State any one benefit of accounting standards. 2015
Q: What is the main objective of accounting standards? 2015
Q: Who issues Accounting Standards in India? 2014
Q: What do you mean by double entry system? 2015
Q: What do you mean by Single Entry system? 2017
Q: What type of enterprise generally following single entry system? 2016
Q: State any one difference between Single entry system and Double entry system. 2018
Q: State one difference between Profit and Gain. 2018
Q: What is accounting entity concept? 2015
Q: What is going concern concept? 2015
Q: What is matching concept? 2017
Q: What is Trade discount? 2016
Q: State one distinction between Cash discount and Trade discount. 2016
Q: What is Voucher? 2016
Q: What is a Transaction? 2016
Q: What is the fundamental accounting equation? 2018
Q: What is Journal? 2017
Q: What do you mean by 'Narration' in a journal? 2014
Q: Give an example of Mixed or Compound Journal entry. 2019
Q: What do you mean by Journalised Ledger? 2019
Q: What is the basic difference between Journal and Ledger? 2015
Q: Write the rules for ascertaining dabit and credit in case of Nominal Account. 2019
Q: Give the journal entry for bad debt recovery? 2016
Q: What is Trial Balance? 2014-2017
Q: What is Suspense A/c? 2018
Q: What is the full form of ASB?? 2016
Q: What is the full form of IFRS? 2014
Q: What is the full from of 'ASB'? 2019
Q: What is the full from of 'GAAP'? 2019