Question

1. Business Organization involves
events.
2. Accounting is the process of recording and classifying
business financial transactions.(State T/F)
3. According to which concept the owner of the business
is considered creditor of the business:
a. Money measurement concept
b. Dual Aspect concept
c. Separate entity concept
d. Going concern concept
4. Expand GAAP
3. Capital account balance is a
balance.
6. Give an example for error of commission.
1. Closing stock is value of
a) Cost price b) Market price
c) Sales price
d) Cost price or Market
price whichever is lower
8. State any one adjustment.
9. Give the meaning of Incomplete Records.
19. What is Statement of affairs?​

Answer 1

Answer:

Ans of A = Business organization

Ans of B = The America Institute of certificate Public

Ans of C = separate entity concept

Ans of D = Generally accepted accounting

Ans of C = The capital account keeps traks of the net change in a national assets and liliabillites during a year

Ans of 6 = cost price of market

Ans of 8 = Adjustment entry

Ans of 9= Incomplete records refers to a situation in which a organization is not using

Ans of 19= A statement of affairs provide detailed summary of a company assetes of liabillites and is a key part of the insolvency process