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