Which of the following item is not an asset.

A Bank Loan is classified as a:

For every transaction, at least how many accounts are effected.

when the owner takes money out of the business's account it is called _________?

Presenting financial information at cost and not in liquidating values in the view of continued existence of the business is the meaning of

That revenue is recognized when earned and expenses are recorded when incurred are the applications of:

The properties of the business are not the properties of the owner.

This is in view of the:

Which of the following items would not fall under the definition of an asset ?

Concept: When a business activity is large enough to impact business decisions, it should be recorded clearly in the financial statements

Concept: The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period

Concept: The same accounting procedures must be followed in the same way each accounting period

Goodwill is a

"1 July 2008 cash purchase _₹5000. To record this transaction we must debit the Purchase Account and credit the Cash Account with the same amount _₹5000."

What accounting principles is applied?

The concept of breaking the life of an enterprise into smaller periods to facilitate comparison is,

Fixed assets are shown in the books on the basis of

Name the convention that states closing stock is valued at cost price or market price which ever is lower.

The amount spent in order to produce and sell the goods and services which generates income is termed as

Accounting should be free from the bias of accountants and others is stated by

‘‘There should be complete and understandable reporting on the financial statements of all significant information relating to the economic affairs of the entity.’’ This statement describes the

Assets which are purchased for the purpose of operating the business and not for resale are called

The person who owes money to the firm is called a

Mr. Moonrise started a business for buying and selling of stationery with ₹5,00,000 as an initial investment. Of which he paid ₹1,00,000 for furniture, ₹2,00,000 for buying stationery items. The amount of capital will be

An Enterprise to whom an entity owe, an amount for buying goods and services on credit is called