Introduction to Book keeping & Accountancy

Surplus of income over expenses is

• profit

• loss

• deficit

• financial statements

In ____________ basis of accounting, actual cash receipts and actual cash payments are

recorded.

• accrual

• hybrid

• cash

• mercantile

Amount which is not recoverable from customer is known as

• Bad Debts

• debtors

• Debts

• Doubtful debts

A person to whom amount is payable.

Property of any description owned by the businessman

_________ means a reputation of a business valued in terms of money.

• Trademark

• assets

• Patents

• Goodwill

Brief explanation of an entry is called as

• folio

• journalising

• posting

• narration

A commodity in which a trader deals is known as

• expenditure

• income

• property

• goods

A person whose assets are sufficient enough to meet his financial obligations is called ____________

Accounts must be honestly prepared and they must disclose all material information is

known as

• Entity concept

• Dual aspect

• cost concept

• disclosure concept