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The act of keeping accounting records in a systematic manner is called -------------. (Book Keeping)
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The Double Entry system records both ----------- & ---------- aspects of a
business transaction. (Debit & Credit)
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Under the Companies Act 1956, as companies are required to maintain the
books of accounts according to ---------- basis of accounting. (Accrual)
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Journal is also called as ----------- & --------------. (Book of Prime Entry &
Book of Original Entry)
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----------- & ----------- are the basic financial statements. (Trading, Profit
and Loss accounts & Balance Sheet)
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The assets which cannot be seen and touched are known as ----------------.
(Intangible assets)
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The assets which can be convertible into cash within one year are -------------- assets. (Current Assets)
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Cash, Bank, Debtors, Stock, and Bills Receivable etc. are ----------- assets.
(Current Assets)
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Assets which are held with the business for a long time are -------------.
(Fixed Assets)
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The financial obligations of an enterprise other than owners funds are -----.
(Liabilities)
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The debit credit rule for the Personal account is ------------. (Debit the
Receiver & Credit the Giver)
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The golden rule for the Real account is ----------------. (Debit what comes
in & Credit what goes out)
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The golden rule for the Nominal account is --------------. (Debit all expense
and losses & Credit all incomes and gains)
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------------- is one which is not an actual liability but which may become one
on the happening of some uncertain future event. (Contingent Liability)
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Operating profit + Non operating incomes non operating expenses = -----------. (Net profit)
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The basic sequence in the accounting process can best be described as ------------. (Transactions, Source document, Journal, Ledger, Trial balance)
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The trial balance is -----------. (The list of the balances of all active
accounts)
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An economic event that involves transfer of money or moneys worth is ------------. (Financial transaction)
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Drawing represents cash withdrawn for personal use and goods withdrawn
for personal use by the ----------. (Owner)
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Fixed assets are held in the business for the purpose of -------------. (Earning
revenue)
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(Ensure
Transparency,
Consistency,
and
Comparability)
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RameshBabuNemani,
LecturerinCommerce,Hyderabad.
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