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Karnataka PUC I Introduction to Accounting & Recording Transactions — practice questions — page 2

Explore 45 free Introduction to Accounting & Recording Transactions questions in Karnataka PUC I Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

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Introduction to Accounting & Recording Transactions questions and exercises with answers

Showing questions 31–45 of 45.

A common unit of measurement and a common format of reporting promoteRead the answer and worked solution →Which of these is part of reliability of information?Read the answer and worked solution →The primary objectives of accounting include maintaining a systematic record ofRead the answer and worked solution →A firm earned revenue of Rs 6,00,000 and incurred expenses of Rs 5,40,000. What is the result?Read the answer and worked solution →If total expenses of a period exceed total revenue, the difference is aRead the answer and worked solution →The balance sheet shows the business'sRead the answer and worked solution →Resources owned by a business and claims against them are called respectivelyRead the answer and worked solution →Which limitation of accounting information is true?Read the answer and worked solution →Viewing accounting as a chronological record of transactions at actual amounts treats it as aRead the answer and worked solution →Which of these is NOT a business transaction of a shop?Read the answer and worked solution →Who is regarded as the author of the first book on double entry book-keeping?Read the answer and worked solution →In which year was Pacioli's Summa de Arithmetica published in Venice?Read the answer and worked solution →Which ancient Indian text is linked to early accounting records?Read the answer and worked solution →The seeds of accounting were first sown, on clay tablets, in which regions?Read the answer and worked solution →The term credit comes from the Latin credo, which meansRead the answer and worked solution →

Worked practice questions

A common unit of measurement and a common format of reporting promote

  1. Relevance
  2. Reliability
  3. Timeliness
  4. Comparability
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Correct answer: D. Comparability

To compare periods and entities, reports need a common period, unit of measurement and format.

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Which of these is part of reliability of information?

  1. Brief wording
  2. Verifiability
  3. Colourful layout
  4. Longer reports
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Correct answer: B. Verifiability

Reliable information must be credible, neutral, faithful and verifiable by independent parties.

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The primary objectives of accounting include maintaining a systematic record of

  1. Staff attendance
  2. All financial events
  3. Market predictions
  4. Family budgets
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Correct answer: B. All financial events

Accounting keeps a systematic record of all financial transactions because memory cannot hold them reliably.

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