1051. Double entry means :

A. Entry in two sets of books
B. Entry at two dates
C. Entry fo two aspects of the transaction *
D. Memorandum entry

1052. The system in which accounting entries are made on the basis of amounts having become due for payment or receipt is known as :

A. Cash system of accounting
B. Accrual system of accounting *
C. None of the above
D. Manufacturing cycle

1053. The term “accounting” and “Book keeping” are classified as :

A. Same
B. Different *
C. Opposite
D. None of the above

1054. Double entry system requires the maintenance of :

A. Not any book of accounts
B. Only one book of accounts
C. A number of books of accounts *
D. None of the above

1055. Accounting principles are generally based on:

A. Practicability *
B. Subjectivity
C. Convenience in recording
D. Daily life

1056. Events which are related with money are called :

A. Monetary events *
B. Non-monetary events
C. Non-Social events
D. Political events

1057. Events which are not related with money or which do not change the financial position ofa person are known as :

A. Monetary Events
B. Non-Monetary Events *
C. Social Events
D. Political Events

1058. A transaction will be possible , when there will be :

A. One Party
B. Two Parties *
C. No Party
D. None of the above

1059. All the events relevant to business must be measurable in term of :

A. Goods
B. Units
C. Money *
D. Ethical Values

1060. If there is a change in total value of assets and liabilities of a business concern, It will be consider as :

A. Qualitative change
B. Quantitative change *
C. Monetary change
D. Political change