Question

1) Surplus o income aver expenses in
b) Delicit
<) Loss
4) Financial Statements
basis of accounting, actual cash receipts and actual cash payments are
recorded
a) Accrual b) Ilybrid
d) Mercantile
Amount which is not recoverable from customer is known as
a) Bad Debts b) Debts
e) Debtors
d) Doubtful debts
4) Accounts must be honestly prepared and they must disclose all material information is
known as
a) Intiry Concepts b) Dual Aspcci Concept c) Disclosure Concept ) Cost Concept
5) A commodity in which a trader deals is known as
a) Cicode
b) Income c) Property
d) Expenditure
means a reputation of a business valued in terms of money,
a) Trademark b) Assets
c) Patents
d) Goodwill
7) Cash flow statement is prepared and presented for the period for which the profit and loss
account is prepared
a). AS-3
HAS-10 CASH
d) AS 2
8) The immediate recognition of loss is supported by principle of
a) Conservatism b) Objective c) Matching d) Consistency
9) Brief explanation of an entry is called as
a) folio
b) Narration c) Posting
d) Journalising
10) An act of exchange of things or services between the two parties is termed as
a) Ledger
b) Transfer c) Transaction d) Business​

Answer 1

Answer:1 loss

2 cash basis

3 bad debts

4 disclosure concept

5 expenditure (not sure)

6 assets ( not sure )

7 AS 3

8 conservatism

9 narration

10 transaction

Ex