Question

2-3 select the most appropriate alternatives from those given below and rewrite the
statements.
1) Surplus of income over expenses is
a) Profit
b) Deficit
c) Loss
d) Financial Statements
2) In
basis of accounting, actual cash receipts and actual cash payments are
recorded.
a) Accrual
b) Hybrid
c) Cash
d) Mercantile
3) Amount which is not recoverable from customer is known as
a) Bad Debts b) Debts
c) Debtors
d) Doubtful debts
Accounts must be honestly prepared and they must disclose all material information
known as
a) Entity Concepts b) Dual Aspect Concept C) Disclosure Concept d) Cost Concep
5) A commodity in which a trader deals is known as
a) Goods
b) Income
c) Property
d) Expenditure
5)
means a reputation of a business valued in terms of money.
a) Trademark b) Assets
c) Patents
d) Goodwill
4)​

Answer 1

Answer:

financial statements