Basic Accounting

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?

• Monetary unit assumption

• Economic entity assumption

• Time period assumption

• Going concern assumption

If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:

• net loss of $35,000

• net income of $35,000

• net income of $14,000

• net loss of $14,000

________________ is prepared at the end of the accounting period to show the financial position o f business

• Profit & loss account

• Balance sheet

• Profit & loss statement

• Satetment of financial position

Transaction & events not capable of being expressed in terms of money are not to be recorded in accounting due to

• Going concern

• Accounting entity

• Money measurement

• Periodicity

Accounts receivable normally has ________ balance

• Debit

• Credit

• Negative

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Journal is a book of ______entry

• Secondary

• Original

• First

• None of these

Recording of transaction in ledger is called as

• Journalizing

• Posting

• Recording

• None of these

A collection of all accounts is a ___________

• Journal

• Trial balance

• Ledger

• Chart of Accounts

A short description of every transaction made in the journal is called

• Summary

• Narration

• Description

• Remark

If both the aspects of a same transaction appear in one account, it is called _______entry

• Simple journal entry

• Double

• Compound

• Contra