Accounts - 24/01/2020

As per income tax act , accounting period is :

• from 1st january to 31st december
• from 1st april to 31st march
• from 1st july to 30th june
• from Diwali to Diwali

As per dual aspects principle :

• Assets = Liabilities - Capital
• Assets = Capital - Liability
• Assets = Liabilities + Capital
• Capital = Asset + Liability

According to which principle even the proprietor of the business is treated as a creditor of the business :

• going concern
• cost principle
• business entity principle
• accounting period principle

The owner of the firm records his medical expenses in the firm's income statement . Indicate the principle that is violated.

• cost principle
• prudence
• full disclosure
• entity concept

Accounts Payable

• Revenue

• Expense

• Asset

• Liability

• Owner's Equity

SERVICE FEES REVENUE

• Revenue

• Expense

• Asset

• Liability

• Owner's Equity

MORTGAGE

• Revenue

• Expense

• Asset

• Liability

• Owner's Equity

DRAWINGS

• Revenue

• Expense

• Asset

• Liability

• Owner's Equity

What is the increase side of the owner's capital account?

• Debit
• Credit

What is the decrease side of Accounts Receivable--Ocean State Communications.

• Debit
• Credit