What is Accounting?

what is journal?

Which account of the following will be credited on giving of goods in donation-

The loss on sale of furniture is debited to ........... account

On settlement of the vendors account, the correct accounting entries are debit vendor account and credit

A ______ is an artificial person which is recognized in law as a separate legal entity

The proprietor is treated as a creditor to the extent of his capital according to:

Transactions and events that cannot be measured in money terms are not recorded in the books of accounts. It is due to Money Measurement Concept.

In Accounting, Goods is defined as:

Which of the following is not a branch of accounting?

Which is the first step of accounting process?

Qualitative characteristics of accounting information are

Which of the following item is not an asset.

A Bank Loan is classified as a:

For every transaction, both the aspects are effected.

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

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

Goodwill is a

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

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

A liability arises because of _________. choose all possible correct answers.

Which of the following are goods?

Revenue from operations refers to __________.

Sale is recognised as a revenue

Which of the following is not a long term liability

Purchase refers to purchase of......

Correct form of Accounting Equation is?

These are the end product of the financial reporting process and the means by which information gathered and processed is periodically communicated to users.

PAS 1 requires an assessment of the entity’s ability to continue as a going concern each time financial statements are prepared. Who is responsible in making this assessment?

The business is liable to the proprietor of the business in respect of capital introduced by the person according to

The concept which assumes that a business will last indefinitely is

IFRS is

Which of the following does not follow the dual aspect concept

The “fundamental” qualitative characteristics are

Qualitative characteristic that financial information must possess to be useful to the primary users of general purpose financial reports include

Qualitative characteristics that make useful information more useful include

Accounting information is considered to be relevant when it

What is an entity-specific aspect of relevance?

19. To be a faithful representation as described in the Conceptual Framework, information must be all of the

following, except

Decision makers vary widely in the types of decisions they make, the methods of decision making they employ, the information they already possess or can obtain from other sources, and their ability to process information. Consequently, for information to be useful there must be a linkage between these users and the decisions they make. This link is

If Assets are $7,300 and Liabilities are $500, how much is Capital?

If Capital is $31,400 and Liabilities are $15,500, how much are Assets?

If Assets are $19,500 and Capital is $14,300, how much are Liabilities?

If Liabilities are $15,425 and Assets are $32,350, how much is Capital?

If Assets are $17,300 and Liabilities are $6,300, how much is Capital?

Bought motor vehicle by loan from bank RM70,000

How will you calculate profit?

Which of the following is not a correct form of the Accounting Equation?

Find out value of account receivable from following Cash ₹ 48,000 account payable ₹33,000 office equipment ₹21,000 owner equity ₹77,000?