Transactions which are expressed in terms of money are called as __________ transactions

As per _________ convention the organisation should follow the same method year after year.

Business Entity concept is not applicable to Sole Trading organisation

Dual aspect concept implies that , Assets = Capital + Liabilities

Profit increases capital

Drawings increases capital

Personal transactions are distinguished from business transactions according to ________ concept

In accounting all transactions are recorded as having ____________

Which of the following concepts, it is assumed that business will exist for an indefinite time period: (2015)

Received cash from Bilawal will affect: (2016)

An asset is ordinarily entered on the accounting record at the price paid to acquire it. This accounting concept is called: (2017)

Sold goods costing Rs. 1500 for Rs. 1750 will increase the owner's equity by Rs:__________(2018)

Which of the following convention states "accounting practice should remain unchanged from one period to another"? (2018)

Modern accounting is based on: (2019)

Which of the following statements is incorrect?

The accounting equation should remain in balance because every transaction affects how many accounts?

If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be?

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

A business transaction affects: (2015)

Financial statements contain all information necessary to understand a business' financial condition.

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

An accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.

Only financial business transactions are reported in the book of accounting and must be expressed in numbers that have common values—that is, using a common unit of measurement or currency.

Financial statements are prepared with the expectation that a business will remain in operation indefinitely.

GAAP stands for:

Information is based on actual costs incurred in transactions.

Mr. Philip Pines is the owner of a beauty spa and wellness salon. He bought a residential house and lot which he included in the balance sheet of a beauty spa and wellness salon. This is a violation of what accounting assumption?

The manager of the business wrote on a piece of paper that utility expenses incurred by the business were paid the amount of P2,222. The bookkeeper asked for the invoice evidencing the payment before recording it in journal. What accounting principle is being followed?

On June 25, Galing Repair Shop rendered service to a client for P600. The service fee was collected July 4. The bookkeeper recorded the revenue on July 4. Is the bookkeeper following the Revenue Recognition Principle?

Bilis Computer Shop purchased P200 worth of stapler. The useful life of the stapler is 5 years. The accountant expense the entire cost of P200 in the year it is purchased. What principle is being followed?

Mrs. Do has personal properties amounting to P3 million pesos. One half of this was invested in the business called Do Laundry Shop and the other half in another business called Do Convenience Store. Two financial reports were prepared by the accountant, one for each business. Is the accountant following the Economic Entity Assumption?

The accounting guideline that requires financial statement information to be supported by independent, unbiased evidence other than someone's belief or opinion is the:

Financial statements are to be divided into specific time intervals.

According to accrual concept of accounting, financial or business transaction is recorded: