Podcast
Questions and Answers
Who are the primary users of accounting information?
Who are the primary users of accounting information?
- Employees
- Creditors, investors, owners (correct)
- Competitors
- Suppliers
What is the primary objective of accounting?
What is the primary objective of accounting?
- Providing useful information for decision-making (correct)
- Measuring sales volume accurately
- Ensuring systematic recording of transactions
- Maximizing profits for the business
Why is accounting often referred to as the 'language of business'?
Why is accounting often referred to as the 'language of business'?
- It helps in strategic decision-making
- It involves complex mathematical calculations
- It communicates financial information in a standardized manner (correct)
- It ensures efficient production processes
What role does bookkeeping play in the accounting process?
What role does bookkeeping play in the accounting process?
Which of the following is NOT a measurement derived from accounting activities?
Which of the following is NOT a measurement derived from accounting activities?
What is necessary to ensure the reliability and precision of accounting measurements?
What is necessary to ensure the reliability and precision of accounting measurements?
How do stakeholders use accounting measurements in business operations?
How do stakeholders use accounting measurements in business operations?
According to the cash account, what was the balance brought forward on 1/5/15?
According to the cash account, what was the balance brought forward on 1/5/15?
Which account was credited with 150 on 30/4/15?
Which account was credited with 150 on 30/4/15?
What was the amount credited to the Machinery Account on 14/4/15?
What was the amount credited to the Machinery Account on 14/4/15?
How much was credited to the Discount Account on 27/4/15?
How much was credited to the Discount Account on 27/4/15?
What was the opening balance in the M/s Kunal & Sons Account on 1/5/15?
What was the opening balance in the M/s Kunal & Sons Account on 1/5/15?
How much was the total credit in the Commission Account on 30/4/15?
How much was the total credit in the Commission Account on 30/4/15?
Which of the following transactions would be recorded in the Cash Account?
Which of the following transactions would be recorded in the Cash Account?
What is the purpose of the Discount Account?
What is the purpose of the Discount Account?
If a company paid $2,500 to Suresh and allowed a discount of $250, how would this transaction be recorded in the Cash Account?
If a company paid $2,500 to Suresh and allowed a discount of $250, how would this transaction be recorded in the Cash Account?
How would the purchase of machinery for cash be recorded?
How would the purchase of machinery for cash be recorded?
If a company received $1,900 from Rajesh and allowed a $100 discount, how would this transaction be recorded in the Cash Account?
If a company received $1,900 from Rajesh and allowed a $100 discount, how would this transaction be recorded in the Cash Account?
Where would the interest earned on cash deposits be recorded?
Where would the interest earned on cash deposits be recorded?
Which account is used to record transactions related to cash receipts and payments?
Which account is used to record transactions related to cash receipts and payments?
If a business receives interest on a loan given to another entity, in which account should the interest income be recorded?
If a business receives interest on a loan given to another entity, in which account should the interest income be recorded?
In which account are transactions related to the purchase and sale of machinery recorded?
In which account are transactions related to the purchase and sale of machinery recorded?
If a business receives a discount from a supplier for early payment, which account should be credited?
If a business receives a discount from a supplier for early payment, which account should be credited?
Which account is used to record interest expenses paid by a business on loans or other borrowings?
Which account is used to record interest expenses paid by a business on loans or other borrowings?
If a business sells machinery at a price higher than its book value, which account should be credited with the gain?
If a business sells machinery at a price higher than its book value, which account should be credited with the gain?
