ASBM Institute of Professional Studies

Programme- BBA
Batch- 2017-20
Quiz

Name of the Student: Session: 2017-18

University Roll Number: Semester: I
Course Title: Basic Financial Accounting Duration: 15 Minutes
Quiz No.: I Total Marks: 5

Q1) Accounting is the art of ____________, ______________ and ________________ transactions

which are of financial character and interpreting the results thereof.

Q2) An event has to be ______________ in nature in order to record it as a transaction.

Q3) There are: (i) one, (ii) three, (iii) five branches of Accounting.

Q4) Investor is an internal user of accounting information. (True/False)

Q5) Accounting Period concept is based only on Financial Year as a time period. (Yes/No)

Q6) Assets are _______ whereas Liabilities are _________ by a business.

Q7) What do you understand by Networth?

__________________________________________________________________________________
__________________________________________________________________________________

Q8) Goodwill is an example of an _______________ asset.

Q9) Drawings by a proprietor from business can be in the form of : (a) goods only, (b) cash only, (c)
both goods as well as cash; and (d) none of the above.

Q10) As per Accounting Equation: Assets = ________________ + _________________________.

_________________________

Full Signature of the Faculty