Question

Section -A
Answer any Eight questions, each question carries ONE mark.
08x01=08
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
5. Capital account balance is a
balance.
6. Give an example for error of commission.
7. 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.
10. What is Statement of affairs?​

Answer 1

Answer:

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Explanation:

1. The wi
2. qkk
3. ss