SSC MCQ Question Ans. Financial Statement. Every business organization needs to know the exact financial position at the end of a definite period. There are two aspects of financial condition- (i) ascertainment of profit or loss of the business and (ii) value of different assets and liabilities-debt of business. The statement which is prepared to … Read more
SSC MCQ Question Ans. Trial Balance. Prior to the preparation of the financial statement to know the results of financial activities of a business concern at the end of the year, it is badly needed to ensure that all the transactions of that period have been recorded and posted correctly in the books of accounts … Read more
SSC MCQ Question Ans. Cash Book. Business and cash are closely related to each other. In every sphere of business, cash is essentially required. Buying and selling off assets & goods, collection & payments of debts, receipts of income & payments of expenses including all other activities the supply of cash and its proper management … Read more
SSC MCQ Question Ans. Ledger. After the recording of transactions primarily it’s necessary to transfer these to the concerned heads of account following the classification of accounts. Throughout the year at different times goods are bought and sold both on cash and credit. Without accomeulating credit purchase from purchase journal and cash purchase from cash … Read more
SSC MCQ Question Ans. Journal. After the identification of financial and non-financial events, it is necessary to record the financial transactions in the books of accounts identifying Debit and Credit parties. Transactions have differences in nature; the classification of the journal is made considering the nature & features of transactions. A transaction should be recorded … Read more
SSC MCQ Question Ans. Accounts. Financial transactions change the financial position of the business. By transaction sometimes cash received sometimes paid, sometimes income earned sometimes expense incurred, sometimes asset increase sometimes decrease, and again sometimes liability increase sometimes decrease. Income, Expense, Asset, and Liability are not a particular type, there are different types of many … Read more
SSC MCQ Question Ans. Capital and Revenue Transactions. Throughout the world, Double Entry System is established & known as a dependable, scientific, and complete system for keeping accounts in the business. In a double entry system, each transaction that measured or measurable in terms of money is expressed in the dual entity. There is no … Read more
SSC MCQ Question Ans. Double Entry System. Throughout the world, Double Entry System is established & known as the dependable, scientific, and complete system for keeping accounts in the business. In a double entry system, each transaction that measured or measurable in terms of money is expressed in the dual entity. There is no alternative … Read more
SSC MCQ Question Ans. Transaction. From the primitive ages, people felt the necessity of keeping accounts. In those days people used to exchange objects among them to meet their daily needs. The event that brings change to the financial position among people is known as the transaction. Therefore, it is seen that not all events … Read more