Practice Test | Kullabs.com
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  • ______ is the art of recording, classifying and summarizing the transactions and events of a business and interpreting the results thereof.

    Managing
    Accounting
    Auditing
    Book-keeping
  • "An accounting system is a means of collecting, summarizing, analyzing and reporting in monetary terms, information about the business." Who gave this definition?

    Lewis and Gillespie
    M.N. Shukla
    J.R. Batliboi
    R. N. Anthony
  • "Debit the receiver, credit the giver" is the rule of which account?

    Impersonal account
    Nominal Account
    Personal account
    Real account
  • "Debit what comes in, credit what goes out" is the rule of which account?

    Real account
    None of the options are correct
    Personal account
    Nominal Account
  • "Debit all expenses and losses, credit all incomes and gains" is the rule of which account?

    Nominal Account
    Personal account
    Real account
    None of the options are correct
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