Accounting Basics Quiz
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Questions and Answers

What type of account is Naveen A/C classified as?

  • Real
  • Capital
  • Nominal
  • Personal (correct)
  • Which shortcut key is used to exit Tally?

  • Ctrl + M
  • Ctrl + P
  • Ctrl + L
  • Ctrl + Q (correct)
  • Which term is often referred to as the language of business?

  • Communication
  • Accounting (correct)
  • Finance
  • Letters
  • What does the Balance Sheet primarily involve in terms of financial statements?

    <p>Summarizing</p> Signup and view all the answers

    What concept describes the separation of a business from its owner?

    <p>Separate Entity</p> Signup and view all the answers

    Which of the following best defines the 'capital' in a business context?

    <p>Owner investing funds into the business</p> Signup and view all the answers

    What is the correct classification of a salary account in accounting?

    <p>Direct expense</p> Signup and view all the answers

    According to the dual aspect concept, every business transaction has how many effects?

    <p>Two effects</p> Signup and view all the answers

    In personal accounts, the debit credit rule states which of the following?

    <p>Debit the receiver and credit the giver</p> Signup and view all the answers

    Which of the following options is primarily used to view stock items or group summaries in accounting software?

    <p>Inventory Books</p> Signup and view all the answers

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