Podcast
Questions and Answers
What type of account is Naveen A/C classified as?
What type of account is Naveen A/C classified as?
- Real
- Capital
- Nominal
- Personal (correct)
Which shortcut key is used to exit Tally?
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?
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?
What does the Balance Sheet primarily involve in terms of financial statements?
What concept describes the separation of a business from its owner?
What concept describes the separation of a business from its owner?
Which of the following best defines the 'capital' in a business context?
Which of the following best defines the 'capital' in a business context?
What is the correct classification of a salary account in accounting?
What is the correct classification of a salary account in accounting?
According to the dual aspect concept, every business transaction has how many effects?
According to the dual aspect concept, every business transaction has how many effects?
In personal accounts, the debit credit rule states which of the following?
In personal accounts, the debit credit rule states which of the following?
Which of the following options is primarily used to view stock items or group summaries in accounting software?
Which of the following options is primarily used to view stock items or group summaries in accounting software?
Flashcards
Personal Account
Personal Account
An account that represents a person or entity, such as a customer or supplier.
Real Account
Real Account
An account that reflects the value of assets, such as cash, inventory, or equipment.
Nominal Account
Nominal Account
An account that records income or expenses, such as sales revenue or rent expense.
Separate Entity Concept
Separate Entity Concept
The principle that a business is separate from its owner, meaning their assets and liabilities are distinct.
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Accounting
Accounting
The process of recording, classifying, summarizing, and interpreting financial transactions.
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What is Capital?
What is Capital?
The owner's investment in the business. It represents the initial funds contributed by the owner to start and operate the business.
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Dual Aspect Concept
Dual Aspect Concept
Every transaction impacts at least two accounts: one account is increased (debited) and another is decreased (credited). This ensures the accounting equation (Assets = Liabilities + Equity) is balanced.
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Debit Credit Rule for Personal Accounts
Debit Credit Rule for Personal Accounts
When a person receives something, their account is debited, and when they give something, their account is credited.
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Where does Salary fall under?
Where does Salary fall under?
Salary is an expense for the business, as it's the cost of employing personnel. Expenses are always debited, as they reduce the business's profits.
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What are Tally Groups?
What are Tally Groups?
Tally Groups are pre-defined categories for classifying accounts in Tally. They help organize and categorize the financial information, making it easier to analyze and report.
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