I-COM | Part-1 | Principal of Accounting | Impotant MCQs | Chapter 01 | Part-2

I-COM | Part-1

Principal of Accounting

Chapter 1 : Introduction

Intermediate in Commerce | First Year

Multiple Choice Questions

PART-2

Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6

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Chapter 1 : Introduction

Question 11:

Any legal acitivity for earning profit is called:

Transaction Capital Business Assets

Question 12:

A person who provides his services on the basis of previous skill is called:

Business man Manufacturer Trader Professional

Question 13:

Book keeping provides the:

Primary information Secondary information Final information No information

Question 14:

A summary of transaction is relating to a person or thing:

Accounting Book keeping Account Accountancy

Question 15:

A person who invest the money in business is called.

Owner Debtor Creditor Employee

Question 16:

Branch of accounting which provides information to people outside the business is called:

Management accounting Financial accounting Tax accounting None of these

Question 17:

Branch of accounting which provides information for internal decision makers of business is called:

Management accounting Financial accounting Tax accounting All of these

Question 18:

The basic / main objective / purpose of business is:

Profit earning Welfare Sale of goods None of these

Question 19:

The price of goods and services sold during an accounting period is called:

Expense Drawing Revenue All of these

Question 20:

Recording of business transactions is called:

Accounting Classifying Book keeping Checking

Quiz Results

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