11th Principles of Accounting MCQS Chapter 1

11th Principles of Accounting MCQS
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The accounts of expenses, incomes, losses and gains
personal accounts
nominal accounts
real accounts
valuation accounts

Events which are related with money are called:
Monetary events
Non – monetary events
None-social events
Political events 

Modern system of bookkeeping is
none of these
modern system
double entry system
single entry system

A dealing between two persons is called a
transaction
sales
purchases
business

Goods returned by customers are
sales
sales returns
purchases
purchases returns

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:
Error of principle
Errors of omission 
Compensating error
Errors of commission

The accounts of assets and properties
real accounts
nominal accounts
personal accounts
valuation accounts

A basis of business languages
transaction
bookkeeping
cost accounting
accounting

For every debit, there is a credit
matching concept
cost concept
dual aspect concept
going concern concept

Journal shows all necessary information regarding.
Meeting
The accounting
The document
A transaction

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