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1. Choose the correct option: Question 1.Statements that do not apply to Quartiles.(a) First arrange the values in ascending or descending order.(b) Observation can be divided into 4 parts.(c) They are represented as Q1, Q2, and Q3(d) Q2 is also known as the median.Options:(1) a(2) b and c(3) a, b and c(4) None of theseAnswer:(4) None … Read more

1. Complete the correlation: Question 1.Primary function of money : Medium of exchange : : ___________ : Transfer of valueAnswer:Secondary function of money Question 2.___________ : Basis of credit : : Secondary functions of money : Standard of deferred payments.Answer:Contingent function of money Question 3.Commodity money : Shells : : ___________ : Credit cardAnswer:Plastic money … Read more

1. Choose the correct option: Question 1.Statements related to Economics:(a) Economics is a social science.(b) Concept of economics is derived from the Greek word ‘Oikonomia’.(c) Economics is related to the study of human economic behaviour.(d) Economics is related to the management of the household.Options:(1) a, b and c(2) a and b(3) b and c(4) a, … Read more

1. Answer in One sentence only. Question 1.What do you mean by a Single Entry System?Answer:A system of bookkeeping in which an accountant or businessman records only one aspect of a business transaction (either debit or credit and ignores the other aspect is called ‘Single Entry System’. Question 2.What is a Statement of Affairs?Answer:A list … Read more

1. Answer in One Sentence. Question 1.What is Trading Account?Answer:An account in which direct expenses are compared with direct incomes to find out gross profit or gross loss for a given period is known as Trading Account. Question 2.What do you mean by Profit and Loss Account?Answer:An account in which indirect expenses are compared with … Read more

1. Answer in One Sentence: Question 1.What is meant by rectification of errors?Answer:The correction of accounting errors in a systematic manner is called the rectification of errors. Question 2.What is meant by the error of principle?Answer:An error committed by the accountant by not following accounting principles properly is called an error of principle. Question 3.What … Read more

1. Answer in One Sentence only. Question 1.What is depreciation?Answer:Depreciation is a gradual, continuous, and permanent decline or decrease in the value of a fixed asset due to its use, wear and tear or any other similar reason. Question 2.Why depreciation is charged?Answer:Depreciation on fixed assets is charged to ascertain the correct profit or loss … Read more

1. Answer in one sentence. Question 1.Who prepares a bank Pass Book?Answer:The Bank passbook is prepared by the bank. Question 2.What is a pay-in-slip?Answer:Pay-in-slip is the slip that is filled when the bank account holder deposits a cheque or cash into his bank account. Question 3.What is a bank overdraft?Answer:The amount withdrawn by the account … Read more

Objective Type Questions & Answers 1. Answer the following questions in one sentence. Question 1.What are Subsidiary Books?Answer:Subdivision of journals on the basis of nature of transactions is known as Subsidiary Books. Question 2.What is a Cash Book?Answer:The subsidiary book in which details of cash are received in the form of cash, cheques, drafts, etc., … Read more

1. Answer in one sentence only. Question 1.What is Ledger?Answer:Ledger is an important book of account in which individual records business transactions with respect to persons, properties, expenses, or losses are maintained. Question 2.What is ledger posting?Answer:Transferring the entry passed in the journal to the ledger for the individual record is called ledger posting. Question … Read more