Introduction to Accounting Page-4

31) The terms accounting and book keeping are classified as
(A) Same
(B) Different
(C) Opposite
(D) None of these

32) Which concept represents the assumption of long period existence of a business
(A) Dual Aspect Concept
(B) Materiality Concept
(C) Going Concern Concept
(D) Matching Concept

33) In Accounting, Owners and business are
(A) Similar entities
(B) Separate entities
(C) Dependent entities
(D) None of these

34) The science and art of correctly recording business dealing in a set of books is called
(A) Bookkeeping
(B) Accounting
(C) Auditing
(D) Recording

35) An activity under-taken for the purpose of earning profit is called
(A) Dealing
(B) Performance
(C) Business
(D) Duties

36) The paper containing evidence of payment is called
(A) Debit voucher
(B) Debit note
(C) Credit note
(D) Credit voucher

37) Any dealing between two persons or things is called
(A) Transaction
(B) Introduction
(C) Meeting
(D) Seminar

38) The term expense and expenditure are
(A) Same
(B) Different
(C) Opposite
(D) None of these

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