Question

3)
4)
0.3 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
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 is
known as
a) Entity Concepts b) Dual Aspect Concept c) Disclosure Concept d) Cost Concept
A commodity in which a trader deals is known as
a) Goods
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
Cash flow statement is prepared and presented for the period for which the profit and loss
account is prepared.
a) AS-3
b) AS-10 c) AS-6
d) AS-2
The immediate recognition of loss is supported by principle of
a) Conservatism b) Objective c) Matching
d) Consistency
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
9)​

Answer 1

Answer:

1a

Explanation:

surplus budget is the income over the profit

Answer 2

Answer:

surplus of income over expenses is