The first step in accounting process is___________?

Which of the following statements is true?

A. If a Trial Balance tallies, it always means that none of the transactions has been completely omitted
B. A Trial Balance will not tally if a transaction is omitted
C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount
D. A credit balance in the Pass Book indicates excess of deposits over withdrawals

D. A credit balance in the Pass Book implies a favourable balance indicates excess of
deposits over withdrawals and a debit balance in the Pass Book implies unfavorable balance i.e., a
overdraft. Hence statement D. is the true statement.

Cash received from debtor is recorded in which of the following SPECIALIZED journals?

A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journal

Which of the following factors are primarily considered to determine the economic life of an asset?

A. Passage of time, asset usage, and obsolescence
B. Tax regulations and SEBI guidelines
C. Tax regulations and asset usage
D. SEBI guidelines and Asset usage

Which of the following is the practical implementation of the accounting equation?

A. Cash flow statement
B. Income statement
C. Statement of changes in equity
D. Statement of financial position

What is the basic accounting equation?

A. Capital+Liabilities=Assets
B. Assets+ liabilities =Capital
C. Capital+assets=liabilities
D. Liabilities+Capital