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Computer Fundamentals :: Tally

  1. Transactions are firstly entered in:

  2. A.

     Journal

    B.

     Ledger

    C.

     Trial balance

    D.

     None of these

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  3. A trial balance is prepared

  4. A.

     To prepare p &l a/c

    B.

     To test the arithmetical accuracy

    C.

     For making adjustments

    D.

     To balance the a/c

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  5. Capital is treated as liability because of

  6. A.

     Dual aspect concept

    B.

     Money measurement concept

    C.

     Matching concept

    D.

     Entity concept

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  7. ______ are the liabilities which are payable after a long period

  8. A.

     Fixed liabilities

    B.

     Miscellaneous expenditure

    C.

     Current liabilities

    D.

     Contingent liabilities

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  9. ______ is an example for long term liabilities

  10. A.

     Creditors

    B.

     Debentures

    C.

     Overdraft

    D.

     Bills payable

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  11. _______ is the collection of all accounts

  12. A.

     Journal

    B.

     Voucher

    C.

     Invoices

    D.

     Ledger

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  13. _______ is the book of original entry

  14. A.

     Journal

    B.

     Voucher

    C.

     Invoices

    D.

     Ledger

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  15. The process of ascertaining the balance of a particular account on a given date is

  16. A.

     Posting

    B.

     Journalizing

    C.

     Balancing

    D.

     Accounting

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  17. _______ is the expense which is unpaid at the end of the accounting period

  18. A.

     Outstanding expenses

    B.

     Prepaid expenses

    C.

     Proposed expenses

    D.

     Working capital

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  19. _____ is an example for tangible assets

  20. A.

     Furniture

    B.

     Debtors

    C.

     Patent

    D.

     Discount on issue of shares and debentures

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