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Easy

100

G.P. stands for

Gross Profit

200

The amount give to another party as a promise to repay it in future along with interest is called __________

Loan

300

____________ is a unit of account 

Money

400

The title to the property is returned to the ______ after repayment

a borrower

500

Accounting is the language of _________

business

Below Average

100

What is the 3rd step of Accounting?

Analyzing financial data

200

What is Sole Proprietorship?

Where only a single person owns, manages and controls the business.

300

A situation where a person finds themselves incapable of repaying a loan because of either high interest rates or continuous misfortunate situations.

Debt Trap

400

What is Accounting equation?

Assets=Liabilities + Equity 

500

Two components of an EMI

Principal and Interest

Average

100

Why principles are needed?

To provide uniformity and guide the business.

200

An education loan is a sum of money borrowed to pay for

Expenses related to Higher education

300

EMI stands for

Equated Monthly Installment

400

When the revenue increases, it will be debited. (True/False)

False, it will be credited.

500

A type of accounting where cash and credit transactions are both recorded.

Accrual Basis of Accounting

Hard

100

a legal mechanism through which a lender tries to obtain their money or part of it from the borrower who has been unable to pay it till then.

BANKRUPTCY

200

Define Journal

It is a record of all the transactions an organisation has recorded

300

What are the ways to come out of a debt trap?

Debt consolidation, focus on needs not on your wants, paying your EMIs on time, etc.

400

As the no. of EMI increases, the principal portion in an EMI _________ and the interest portion _________.

Increases, decreases

500

The calibre and quality of the management cannot be recorded in accounting. Why?

Money measurement principle

Really Hard

100

These loans are riskier to a lender and charge a high-interest rate.

Unsecured Loans

200

What do you mean by SG&A expenses? Give 2 examples also.

Selling, General and Administrative Expenses 

Examples: Rent, salary, Advertisement, Office Expenses, Interest paid, etc.

300

It depends on business to business that an expense will be short term or long term. Name the principle.

Going Concern Principle

400

Ram bought 100 shawls at Rs. 1000. He sells the shawls to Shyam. What we will called shawls in accounting terms?

Purchases(Inventory)

500

A shopkeeper sells goods at Rs. 100000 in a month. He spent Rs. 50000 on purchasing raw material and Rs. 15000 on processing. He paid 5000 as rent and 1000 as interest. He also earns 5000 from selling oof his old furniture.

What will be his Gross Profit?

35000

(100000-50000-15000)