Accounting for Managers

XYZ Company has sold goods worth Rs. 50 crore on credit to Mr. A. Mr. A in this specific case is company's

• Creditor

• Debtor

• Need more information

• None of these

Financial Accounting does not record non-financial transactions as per which concept?

• Going Concern Concept

• Accrual Concept

• Cost Concept

• Money Measurement Concept

Wages paid during the year will impact which part of the Financial Statements?

• Revenue

• Debtors

• Equity

• Loan

Expenses must be recorded at the same time as the revenue to which they correspond as per which principle?

• Consistency Concept

• Going Concern Concept

• Matching Concept

• None of these

Mr. A has started a company by depositing Rs. 100 crore into the company’s bank account as his investment. In accounting terms, this Rs. 100 crore will be classified as:

• Share Capital

• Profit

• Sales

• Owner’s Drawings

Economic resources of an enterprise that can be usefully expressed in monetary terms are called?

• Liability

• Share Capital

• Expense

• None of these