1. Accounting is the language of

2. Which of the following is not a business transaction?

3. Which is the last step of accounting as a process of information?

4. Which of the following will not be recorded in the books of account?

5. Goodwill account is a

6. Cash, goods or assets invested by the proprietor in the business for earning profit is called-

7. The Pioneer of Accounting is:

8. The unsold merchandise of business on particular day is called

9. Which of the following accounts has a credit balance?

10. Discounts received are

11. Use of common unit of measurement and common format of reporting promotes

12. Internal users of accounting information are :

13. The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –

14. Which of the following limitations of accounting states that accounts may be manipulated to conceal vital facts :

15. Management accounting provides valuable services to management in performing

16. Out of the following assets, which one is not an intangible asset?

17. The art of recording all business transactions in a systematic manner in a set of books is called-

18. Book – keeping is-

19. Basic function of financial accounting is to

20. Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?