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Financial Accounting Basics
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Financial Accounting Basics
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25 Questions

1. Under which method of depreciation, the earlier year of the life of the asset, profits are more _____.
2. Depreciation is a process of _________.
3. Under installment system the risk of loss is borne by ________.
4. Under hire purchase system, if installment is not paid the hire vendor has right to ___________.
5. Expenses which cannot be identified with a particular department are called_______.
6. Under hire purchase system the seller is called _________.
7. Rent paid to the partner is a ______
8. The asset account appears in the books at original cost when a ______.
9. Depreciation arises because of_____.
10. General reserve at the time of admission of partner is transferred to
11. Under stock and debtors system the head office opens _________.
12. An agreement of sale is made under ________.
13. Under single entry system in conversion method, a total debtors account is prepared to find out __________.
14. Under which method, a policy is taken for amount of the asset to be replaced____.
15. The difference between the book value at the beginning and at the end (revaluation amount) is __________.
16. salary or commission to a partner is an ______________
17. Loss of usefulness occasioned by improved production methods is known as_______.
18. Trial balance cannot be prepared in_____.
19. Power expenses should be divided among the different departments on the basis of _____.
20. Under single entry system in net worth method, drawings is added with _______.
21. Dependent branch make _______.
22. Under branch accounts debtors system, goods sent to branch account is recorded in _________.
23. Under installment system the relationship between the buyer and seller is that of a _________.
24. If the asset is sold, the provision for depreciation relating to the asset sold is transferred to _______.
25. Under which system, ownership is transferred on payment of final installment?

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