Accounting

What are key components of accounting

• Financial Reporting

• Auditing

• Tax Accounting

• Managerial Accounting

• All the above

What is Double-Entry Bookkeeping concept

• a debit in one account and an equal, offsetting credit in another

• Only Debit thee account

• Only credit the account

What is Consistency Principle?

• same as accual concept

• It should use the same method for all subsequent financial reporting

• Entity is treated differenct from owner

• Business has long life

Which of following Accounting Equation is correct?

• oAssets + Liabilities = Equity

• oAssets = Liabilities - Equity

• oAssets = Liabilities + Equity

How many types of financial statments are there?

• two

• three

• five

• four

What is the use of Financial Analysis

• To identify company's current performance

• analyse future trend

• identify cash requirement

• All the above

Operating Activities of Business and its impact on the cash inflow and outflow is available in ?

• Operating activities section of Cash flow stmt

• Investing activities section of Cash flow stmt

• Financing activities section of Cash flow stmt

Purchase of Fixed Asset in current year is recorded in which section of Cash flow?

• Operating

• Investing

• Financing

• None of the above

Inventory is which type of asset?

• Current asset

• Non-current asset

Accounts Payable is which type of liability?

• Current Liability

• Non-Current Liability