I-COM | Part-1

Principal of Accounting

Chapter 2 : Transaction and Accounting Equation

Intermediate in Commerce | First Year

Multiple Choice Questions

PART-1

Chapter 1 : Transaction and Accounting Equation

Question 1:

A writte evidence in support of a transaction is called:

Invoice Journal Voucher None of these

Question 2:

How many systems of recording business transactions are there in book keeping?

2 3 4 5

Question 3:

Any business dealing between two persons or things is called:

Transaction Introduction Meeting Seminar

Question 4:

How many aspects are in each transaction.

Five Four Three Two

Question 5:

A business transaction affects:

At least 01 A/c At least 02 A/c Maximum 02 A/c Maximum 03 A/c

Question 6:

Any event which is measurable in term of money.

Monetary event Non-monetary event Money Event

Question 7:

Transaction having short term affect are known as.

Revenue transaction Capital transaction None monetary transaction Paper transaction

Question 8:

A transaction between departments within the organization is called.

Internal transaction External transaction None monetary transaction Paper transaction

Question 9:

Business transaction are recorded by.

Accountant Manager Book keeper Junior clerk

Question 10:

Accounting equation shows equality between assets and:

Liabilities Capital Owner's equity Equities

I-COM | Part-1 | Principal of Accounting | Impotant MCQs | Chapter 02