BBA Study Material Bookkeeping and Accounting Question Answer
BBA Study Material Bookkeeping and Accounting Question Answer :- In this article you can find related to bookkeeping and bookkeeping question answer and study materials of latest version and other site link like as fundamental of management , principle of economics, business mathematics and all subject of bba all semester. B.b.a latest news all information link you can find . thanks to coming our site and get latest news related to business and BBA Unit II very short Question Answer and Bookkeeping balancing of accounting trial balance bba 1st semester very short question answer Rules of Debit and credit, what do you mean by journal, errors of trial balance what do you mean by trading account and profit and loss, What is the three advantages of double entry system,What are the four types of cash book, Give difference between trial balance and Balance Sheet.How to many types are of Petty Cash Book. If we talk about BBA then Bookkeeping and Accounting is one of the most important Topic. Bookkeeping is common to all semesters Here we are presenting BBA Bookkeeping and Accounting Study Material and Notes for all Semesters. BBA Bachelor of Business Administration in Bookkeeping and Accounting notes study material in this website cyberpoint9.com/testing most important chapter and Question paper BBA notes in this page more links to bba notes and study material and question paper mock paper. BBA in accounting and finance is an undergraduate commerce course. BBA study in bookkeeping and accounting, financial planning, economics, business organisation and other similar areas of operation in any business organisation. full BBA course three year degree course consists of Six semesters. the basic eligibility criterion for bba dgree is qualifying 10+2 or equivalent examination in any stream from a recognized board of the country.Bachelor of Business Administration (BBA) in Accounting programs combine the fundamentals of a business program with concentrated coursework in accounting. Find out what these programs entail and what students do after graduation.bba subject bookkeeping and accounting chapter wise notes study material, question paper, mock paper, sample paper, in this website study point to BBA notes. BBA Study Material Bookkeeping and Accounting Question Answer
BBA 1st Semester Question Answer
Q.1. What is balancing of accounts ?
Ans. The process of ascertaining the difference between the total of both sides of an account and writing it on this side whose total is short in known as balancing of account.
Q.2. What is double entry system ?
Ans. Double entry system means that at least two accounts are affected by a transaction in both aspects. The double entry system has proved to be a scientific and complete system of accounting followed by every enterprise and organization.
Q.3. Define trial balance ?
Ans. Trial balance is a statement, prepared with the debit and credit balances of ledger accounts to test the arithmetical accuracy of the book.
Q.4. Define vouchers.
Ans. The papers, which support a transaction, are known as vouchers, The vouchers which will usually be found in a firm are the following :
- Vouchers in support of payments out of the office cash or out of the bank.
- Invoices made out for goods sold to customers or cash memos.
Q.5. What is Suspense Account ?
Ans. A suspense account is an account to which the difference in trial balance has been put temporarily in order to tally the trial balance. If the debit side of trial balance exceeds the credit side the difference is put on the credit side of suspense account and if credit side is more. The difference put on the debit side.
Q.6. What do you mean by personal accounts ?
Ans. The accounts which are related to an individual firm, company or an institution are called personal are called real accounts.
Q.7. Define real Account ?
Ans. The accounts which are related to the tangible or intangible assets of the firm excluding debtors are called real accounts.
Q.8. What is Ladger ?
Ans. `The book which contains a classified and permanent record of all transactions of a business is called the ledger.
Q.9. How to many types are of petty cash book ?
Ans. Petty cash book may be of two types :
- Simple petty Cash book.
- Analytical petty cash book.
Q.10. Give any two difference between trial balance and Balance Sheet.
Ans. Differences between trial balance and balance sheet are :
- Trial balance is prepared on the basis of balance of ledger accounts. On the other hand, balance sheet is prepared on the basis of balance sheet in the trial balance.
- Trial balance may be prepared monthly, quarterly and half yearly and yearly basis, on the other hand balance sheet is prepared yearly.
Q.11. What are the four types of cash book ?
Ans. The four Types of cash book are :
- Single column cash book,
- Double column cash book,
- Triple column cash book,
- Petty cash book,
Q.12. What is the three advantages of double entry system ?
Ans. The three advantages of double entry system are :
- It maintains a complete record of all business transactions. Hence, it is a complete system.
- The profit earned or loss suffered during a period can be ascertained by preparing trading and profit and loss account.
- The financial position of a firm can be ascertained at the end of each period through the preparation of balance sheet.
Q.13. What the Errors disclosed by a trial balance ?
Ans. The Errors disclosed by a trial balance are :
- Wrong totaling or casting of the subsidiary books.
- Posting of the wrong amount.
- Posting an amount on the wrong side.
- Omission of an amount from ledger accounts.
- Omission of an amount from the trial balance.
Q.14. What do you mean by journal ?
Ans. The book in which a transaction is recorded for the first time from a source document is called book of Original Entry journal is one of the basic books of original entry in which transaction are originally recorded in chronological (day-to-day) order according to the principles of double entry system.
Q.15. Give the Rules of Debit And Credit.
Ans. The Golden rules of Accounting debit and credit are :
- Personal A/c : Debit the receiver and credit the giver.
- Real A/c : Debit what comes in, credit what goes out.
- Nominal A/c : Debit all losses and expenses, credit all incomes and gains.