1. 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



2. 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



3. 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



4. 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



5. A company sold Rs. 400,000 of merchandise for cash and Rs. 120,000 of merchandise to credit customers who will pay for the merchandise in a later time period. How much revenue should be reported on the income statement of the current time period?

A) Rs. 120,000
B) Rs. 280,000
C) Rs. 400,000
D) Rs. 520,000