Basic Accounting

Total Questions: 10

1 - The prime function of Accounting is to _____?
A ) Provide the informational basis for action ✅
B ) Record Economic Data
C ) Attain non economic goals and objectives
D ) Classify Record business transaction

2 - The mixing of Equity and Debit is called ___:
A ) Capital Structure ✅
B ) Investment
C ) Treasury
D ) None of these

3 - The smallest unit of ownership of a company is ____?
A ) A debenture
B ) Invest money
C ) Capital deposit
D ) A share ✅

4 - A firm buys goods on credit which document dose the firm use to record this ?
A ) Purchase invoice ✅
B ) Credit Note
C ) Supplier invoice
D ) Bank note

5 - In accounting of non profit organizations the sale of old newspaper is generally considered as ____;
A ) Revenue income or receipt ✅
B ) Capital receipt
C ) Revenue expense
D ) Capital expenditure

6 - Sales Tax is ultimately paid by the ____;
A ) Customers ✅
B ) None of these
C ) Objectives
D ) Sailors

7 - Central place Theory was first presented by ___?
A ) Walter Christaller ✅
B ) None of these
C ) Napoleon
D ) Martin Luther

8 - The third stage of Rostow Model is _____;
A ) Take off ✅
B ) Age of high mass
C ) None of these
D ) Traditional society

9 - In a modern capitalist society the state of being without any work for an educated person for earning one's livelihood is meant by ____?
A ) Industrial deadlock
B ) Unemployed ✅
C ) Low market wages
D ) Labor on Strike

10 - Money paid by a government to reduce the costs of producing goods so that their prices can be kept low termed as _____?
A ) Soft Money
B ) Subsidy ✅
C ) Grant
D ) Value added services
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