Basic Accounting Concepts

JKSSB Panchayat Account Assistant · Accountancy & Finance · 15 practice questions with answers and explanations: 12 Easy, 2 Medium, 1 Hard.

Sample questions

Sample Easy question 1

What does 'credit' mean in accounting?

  1. The right side of an account
  2. The left side of an account
  3. A type of expense
  4. A type of asset
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Answer: A. Credit refers to entries on the right side of an account.

Sample Medium question 2

Which concept states that a business and its owner are treated as separate entities for accounting purposes?

  1. Business Entity Concept
  2. Going Concern Concept
  3. Money Measurement Concept
  4. Dual Aspect Concept
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Answer: A. The Business Entity Concept keeps the business's finances distinct from the owner's personal finances.

Sample Hard question 3

The accounting concept stating every transaction has two equal aspects — a debit and a credit — is called:

  1. Dual Aspect Concept
  2. Matching Concept
  3. Materiality Concept
  4. Conservatism Concept
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Answer: A. The Dual Aspect Concept is the foundation of double-entry bookkeeping: every transaction affects at least two accounts equally.

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