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Financial Accounting Basics
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Financial Accounting Basics
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25 Questions

1. Under which system ownership is transferred on signing of the agreement?
2. Depreciation is charged on the_________.
3. Branches not keeping full system of accounting are ________.
4. The main objective of providing depreciation is _______.
5. At the time of retirement of the partner , if goodwill appears in the balance sheet ,. it must be written off , the capital accounts of all the partners are debited in ____________
6. An agreement of sale is made under ________.
7. Branch which does not maintain its own set of books is ______________.
8. Expenses which can be directly identified with or incurred for particular department are called __________.
9. Trial balance can be prepared in _________.
10. The annual installment to depreciation fund for replacement of a fixed asset is______.
11. Mines, quarries, oilfields and forest are example of _______.
12. Under depreciation fund method, the amount of depreciation is calculated with reference to ________.
13. Under single entry system in conversion method, a total debtors account is prepared to find out __________.
14. Debtors account is a __________.
15. Power expenses should be divided among the different departments on the basis of _____.
16. The amount of depreciation charged on machinery will be debited to_____.
17. Carriage inward expenses should be divided among the different departments on the basis of ___________.
18. When a partner gives cash for goodwill , the amount is credit to __________
19. Income tax authorities recognize this method ______.
20. Cash account closing balance will appear in __________.
21. Straight line method is also called _______.
22. Balance sheet can be prepared ________.
23. Under which method, a policy is taken for amount of the asset to be replaced____.
24. When goods are transferred from one department to other department, they are called __________.
25. Under branch accounts debtors system, closing balance of liabilities are recorded in _________.

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