PUNJAB COLLEGE JAHANIAN

ACCOUNTING 1stYEAR RNT#1 (CH#1) Date (28/02/2022)

Roll No: _______________ Name: ______________ Class: _____________ Section: ____________
Time Allowed: 20 Minutes (Objective Part) Max. Marks: 20Total: 40
Q.NO.1 Choose the correct option from given four option
1. The pioneer of Accounting is:
A) Arthur field house B) Gitman C) William pickles D) Lucas Pacioli
2. Art of recording, classifying and summarizing is called:
A) Journalizing B) Accounting C) Bookkeeping D) Record keeping
3. Bookkeeping provides:
A) Primary information B) secondary information C) final information D) none of them
4. Double entry system of bookkeeping involves at least:
A) One account B) Two account C) Three account D) None
5. Promise to pay a certain amount is called:
A) Account payable B) Note payable C) Amount payable D) None
6. Cash or goods taken away by the owner is called:
A) Drawings B) Sales C) Charity D) Expenses
7. The things of value possessed by a trader are called:
A) Merchandize B) Assets C) Stock D) Purchase
8. Any written evidence of business transactions is called:
A) Cash memo B) Voucher C) Invoice D) None
9. Assets which have physical existence are called:
A) Tangible assets B) intangible assets C) Quick assets D) current assets
10. The complete process of accounting is called:
A) Journalizing B) Accounting cycle C) Posting D) Summarizing
11. Accounting is language of:
A) Govt. B) CommerceC) Trade D) Business
12. All events of business are measured in terms of:
A) Money B) Ethical value C) Units D) Goods
13. Lucas pacioli was born in:
A) 1325 B) 1375 C) 1445 D) 1494
14. Owners and business are called:
A) Similar entities B) Separate entities C) Dependent entities D) None
15. Cash invested by owner is called:
A) Assets B) Capitals C) Loan D) Liabilities
16. Cash and goods taken away by proprietor is called:
A) Drawings B) Sales C) charity D) expense
17. Any dealing between two persons is a:
A) Transaction B) Introduction C) Meeting D) Seminar
18. The term expenses and expenditures are:
A) Same B) Different C) Opposite D) None
19. Unsold merchandize of business on particular day is called:
A) Purchasers B) stock/investors C) sales D) none of these
20. Liability arising from purchases of goods on credit is called:
A) Creditors B) account receivable C) loan D) payable expense
TIME ALLOWED: 1:00 Hours SUBJECTIVE MAXIMUM MARKS: 30
Q.NO.2 Attempt any five of following short questions: 15 ×2=30
1. Define Bookkeeping? 2. What is accounting?
3. Define Accountancy? 4. What is business?
5. What are business transactions? 6. Who is proprietor?
Q.NO.3 Attempt any five of following short questions:
1. Define goods/merchandize. 2. What is capital?
3. Define purchase return. 4. What is discount?
5. Define commission. 6. What are assets?
13. Define liabilities.
Q.NO.4 Attempt any five of following short questions:
1. What is stock/inventory? 2. Define voucher.
3. What are drawings? 4. Define accounting period.

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5. What is creditor? 6. Define sales return

7. What are sales?

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