Tally mcq questions With Answer | Accounting ERP Question | Computer Fundamental

All of above mentioned are tangible asset as they have finite monetary value and available in physical form. Among all except Stock of raw materials are Fixed Assets where as Stock of raw materials is current assets.

Government is the example of external users of accounting information.

Sales return are recorded in Credit note voucher. A credit note is a document sent by a seller to its buyer or, in other words, a vendor to the customer, notifying that a credit has been provided to their account against the goods returned by the buyer.

A debit note is sent to the seller when he is taken back the sold goods.

An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business. An employee is dismissed from the job does not have any monetary impact so it is not a transaction.

Bank account is a personal account. A living person or an organisation is recognised as a person and an account opened in a bank is hence a personal account.

Accrued income is income which has been earned but not yet received. Income must be recorded in the accounting period in which it is earned. Therefore, accrued income must be recognized in the accounting period in which it arises rather than in the subsequent period in which it will be received.

Capital is the value of the investment in the business by the owner(s). It is that part of the business that belongs to the owner. Capital can also mean stock or ownership in a company.

Sales in accounting is a term that refers to any operating revenues that a company earns through its business activities, such as selling goods, services, products, etc.

Fixed assets are long-term assets that a company has purchased and is using for the production of its goods and services. Fixed assets are non-current assets, meaning the assets have a useful life of more than one year. Fixed assets include property, plant, and equipment and are recorded on the balance sheet.