Question

6)
7)
8)
means a reputation of a business valued in terms of money,
a) Trademark
b) Assets
c) Patents
d) Goodwill
According to
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
An act of exchange of things or services between the two parties is termed as
a) Ledger
b) Transfer c) Transaction d) Business
9)
10)
State whether the following statements are true or false with reasons :
1) Book-keeping and accounting are one and the same thing.
2) Conservatism means to follow safe side.
3) The double entry system is based on “Dual Aspect" concept.
4) Bank overdraft is an asset of the business.
5) Solvent person is a person whose assets are more than his liabilities.​

Answer 1

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Answer 2

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