1) Accounts related to individuals and a firm is —————–.
Answer :: Personal A/C
Answer :: Personal A/C
2) An account related to assets is —————–.
Answer :: Real A/C
Answer :: Real A/C
3) Accounts related to expenses, losses, incomes and gains is ——————.
Answer :: Nominal A/C
Answer :: Nominal A/C
4) Capital is a ——————— account. (Personal) Drawings are a ———————- account.
Answer :: Personal
Answer :: Personal
5) Land and Buildings is a ————– account.
Answer :: Real
Answer :: Real
6) Good will is a —————— account.
Answer :: Real
Answer :: Real
7) A salary paid is a —————– account.
Answer :: Nominal
Answer :: Nominal
8) Interest received is a ————– account.
Answer :: Nominal
Answer :: Nominal
9) Accounting Standards in India are issued by ——————.
Answer :: The Institute of Chartered Accountants of India
Answer :: The Institute of Chartered Accountants of India
10) What is full form of ” ICAI “
Answer :: The Institute of Chartered Accountants of India
Answer :: The Institute of Chartered Accountants of India
11) Accounting Standard – 10 deals with —————-.
Answer :: Accounting for Fixed Assets
Answer :: Accounting for Fixed Assets
12) Accounting Standard – 12 deals with —————-.
Answer :: Accounting for Government Grants
Answer :: Accounting for Government Grants
13) ——————– is a book in which transactions are recorded in chronological order.
Answer :: Journal
Answer :: Journal
14) Journal is also called as ———– & ————–.
Answer :: Book of Prime Entry & Book of Original Entry
Answer :: Book of Prime Entry & Book of Original Entry
15) The process of recording a transaction in the journal is called —————–.
Answer :: Journalising
Answer :: Journalising
16) An entry made in the journal is called a —————.
Answer :: Journal Entry
Answer :: Journal Entry
17) ———— is a principal book which contains all the accounts.
Answer :: Ledger
Answer :: Ledger
18) —————- is the Book of Final Entry.
Answer :: Ledger
Answer :: Ledger
19) ———– & ———– are the basic financial statements.
Answer :: Trading, Profit and Loss accounts & Balance Sheet
Answer :: Trading, Profit and Loss accounts & Balance Sheet
20) Trading, Profit and Loss account shows —————- of the firm.
Answer :: Financial Performance i.e. profit or loss
Answer :: Financial Performance i.e. profit or loss