common set of accounting rules and procedures; needed in accounting to maintain accuracy and consistency of financial reports

all information which is relevant to financial statement must be included in the financial statement

assumption a company intends to continue operations

An amount owed by a business.

Anything of value that is owned.

Transaction & events not capable of being expressed in terms of money are not to be recorded in accounting due to

Recording of transaction in ledger is called as

Summary of assets and liabilities

Assets =

According to the concept of conservation, the stock-in-trade is valued at:

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

Concept: Revenue is recorded at the same time goods or services are sold.

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

The Matching Concept states that revenue should only be recognised when it is earned and not received. If a company sells goods on credit in March and receives payment in May, this would be shown in the sales figure for?

Fixed assets are recorded at cost less depreciation value due to the concept of ___________

Switching accounting principles every year would violate the

Objective of non trading concern is profit

From the following which are the examples of non trading concerns

Final account of trading concern includes:

Which of the following is not a liability?

Profit and loss account reveals financial position of an organization

Which liability become payable only on the happening of an event?

Final account of non trading concern includes:

Which asset from the following is actually not an asset but an expense of heavy nature

The value of this assets diminishes with the passage of time

Receipt and Payment Account is summary of cash transactions

Receipt and Payment Account is ______

All cash transactions be it of revenue or capital nature are to be recorded in Receipt and Payment Account

Income and Expenditure account is __________

Income and Expenditure account shows surplus/deficit of of a non trading concern

Only current year income and expenses are recorded in Income and Expenditure account

All membership collected by a non trading concern must be entered in the assets side of the balance sheet

All donations received by a non trading concern are entered in the liability side of the balance sheet

With reference to accounting principles, every transaction has minimum 3 effects

Arrange the sequence accounting cycle

A) Analyzing

B) Recording

C) Summarizing

D) Interpreting

E) Classifying

Capital provided by the owner is treated as a liability.

Income received in advance must be treated as a liability