JPA Basics Of Accounts

Amount which is not recoverable from customer is known as

• Bad Debts
• Debts
• Debtors
• Doubtful Debts

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

• Entity Concepts
• Dual Aspect Concept
• Disclosure Concept
• Cost Concept

A commodity in which a trader deals is known as

• Goods
• Income
• Property
• Expenditure

The immediate recognition of loss is supported by principle of

• Conservatism
• Objective
• Matching
• Consistency

An act of exchange of things or services between the two parties is termed as

• Ledger
• Transfer
• Transaction
• Narration

Every debit has corresponding . . . . . . . . . . . . . .

• Debit
• Credit
• Right hand side
• None of these

Radha`s Account is a type of……………account

• Nominal
• Personal
• Real
• Expenses

Machinery Account is…………..account

• Nominal
• Income
• Real
• Personal

Goodwill is…………..asset

• Tangible
• Current
• an intangible
• None of these

Debit the receiver, Credit the . . . . . . . . . . . . . .

• Goes out
• Giver
• Income and gains
• Comes in