XI 23 -24 ACC C1

Which of the following can be recorderd in the books of Accounts?

• Appointment of a Manager

• Purchase of goods

• Inspecting the books of accounts

• Cleaning of the building and premises

The excess of revenues of a period over its related expenses during an accounting year is called as:

• Incomes

• Capital

• Gain

• Profit

Spending money or incurring a liability for some benefit, service or property received is called as:

• Expenses

• Expenditures

• Loss

• Gain

Costs incurred by a business in the process of earning revenue are known as ......

• Expenditure

• Expenses

• Income

• Profit

Offering deduction of agreed percentage of list price at the time selling goods is called as ?

• Discount

• Voucher

• Goods

• Stock

Amount invested by the owner in the firm is known as ....................

• Assets

• Liabilities

• Capital

• Revenue

Obligations or debts that an enterprise has to pay at some time in the future is called ?

• Liabilities

• Stock

• Drawings

• Expenses

......................... are economic resources of an enterprise that can be usefully expressed in monetary terms.

• Liabilities

• Expenses

• Revenues

• Assets

Use of common unit of measurement and common format of reporting promotes....

• Comparability

• Understandability

• Relevance

• Reliability

Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?

• Understandability

• Relevance

• Comparability

• Reliability