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

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

3. Book – keeping is-

4. Accounting is the language of

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

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

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

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

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

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

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

12. Discounts received are

13. Basic function of financial accounting is to

14. The Pioneer of Accounting is:

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

16. Goodwill account is a

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

18. Management accounting provides valuable services to management in performing

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

20. Internal users of accounting information are :