CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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Accounting Skills Assessment Practice Questions 2023 - Part 17
1. A Journal entry which requires more than two accounts is called?
A) Double entry
B) Compound entry
C) Combined entry
D) None of the Above
2. Bookkeeping is mainly concerned with?
A) Recording the Economic Activities
B) Interpreting the data
C) Designing the systems for recording, classifying and summarizing
D) All of Above
3. Double entry bookkeeping means that?
A) Entry in two sets of accounting books
B) Entry at two dates
C) Entry for two aspects of transaction
D) All of above
4. Which one of the following system of recording transaction has a dual aspect concept of accounting?
A) Cash system of accounting
B) Single entry system
C) Accrual system of accounting
D) Double entry system
5. Accrual-basis of accounting?
A) Result in higher income than Cash-basis of accounting ?
B) Is not acceptable under GAAP
C) Leads to the reporting of more complete information than does cash-basis
D) None of Above
A) Double entry
B) Compound entry
C) Combined entry
D) None of the Above
2. Bookkeeping is mainly concerned with?
A) Recording the Economic Activities
B) Interpreting the data
C) Designing the systems for recording, classifying and summarizing
D) All of Above
3. Double entry bookkeeping means that?
A) Entry in two sets of accounting books
B) Entry at two dates
C) Entry for two aspects of transaction
D) All of above
4. Which one of the following system of recording transaction has a dual aspect concept of accounting?
A) Cash system of accounting
B) Single entry system
C) Accrual system of accounting
D) Double entry system
5. Accrual-basis of accounting?
A) Result in higher income than Cash-basis of accounting ?
B) Is not acceptable under GAAP
C) Leads to the reporting of more complete information than does cash-basis
D) None of Above
1. Right Answer: B
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: C
Explanation:
4. Right Answer: D
Explanation:
5. Right Answer: C
Explanation:
Explanation:
2. Right Answer: A
Explanation:
3. Right Answer: C
Explanation:
4. Right Answer: D
Explanation:
5. Right Answer: C
Explanation:
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