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

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

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

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

5. Goodwill account is a

6. Internal users of accounting information are :

7. Management accounting provides valuable services to management in performing

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

9. Discounts received are

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

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

12. Book – keeping is-

13. Basic function of financial accounting is to

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

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

16. Accounting is the language of

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

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

19. The Pioneer of Accounting is:

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