CBSE  /  Class 11  /  Accountancy  /  Introduction to Accounting

  • 1. 
    The art of recording all business transactions in a systematic manner in a set of books is called-

  • Accounting
  • Book – keeping
  • Ledger
  • None of these.

  • 2. 
    The process of recording, classifying and summarizing all business transactions in order to know the financial result is called –

  • Book – keeping
  • Accounting
  • Journalizing
  • None of these.

  • 3. 
    Cash, goods or assets invested by the proprietor in the business for earning profit is called-

  • Profit
  • Capital
  • Fixed assets
  • None of these.

  • 4. 
    The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called-

  • Creditor
  • Proprietor
  • Debtor
  • None of these.

  • 5. 
    Book – keeping is-

  • An art
  • A science
  • An art and science both
  • None of these.
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