The accounts that records expenses, gains and losses are

Debit the receiver & credit the giver is _____ account

Which of the following is a Real A/c?

It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.

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

The same accounting procedure must be followed in the same way in each accounting period.

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.

Business transactions are reported in numbers that have common values—that is, using a common unit of measurement.

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

GAAP stands for:

On June 25, Galing Repair Shop rendered service shop to a client for P600. The service fee was collected July 4. The bookkeeper recorded the revenue on June 25.

These are broad, general statements or “rules” and “procedures” that serve as guides in the practice of accounting

Which of the following statements about double-entry accounting is incorrect?

Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?

Journal is a book of ______entry

A collection of all accounts is a ___________

A short description of every transaction made in the journal is called

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.

The system of recording transactions based on Dual Aspect Concept is known as double entry system.

The rule “Debit all expenses and losses and credit all gains and incomes” is applicable to Personal Account

What is the type of Drawings Account?

__________________ is a language of business.

Incomplete accounting system is called______________

We record ___________in the books of accounts.

Which of the following is not a branch of accounting?

Which is the first step of accounting process?

Which statements about book-keeping and accounting are correct?

1 Accounting is performed periodically rather than daily.

2 Accounting relies on having accurate book-keeping records.

3 Book-keeping includes the preparation of financial statements.

4 Book-keeping involves the recording of financial transactions.

The Process of entering all transaction from the Journal to Ledger is called

Rules for Real Account is

What is the purpose of GAAP?

What does GAAP stand for?

The Capital of the Company is called...............

The originator of Double Entry System

What is Accounting?

From an accounting perspective the business is treated as being separate from its owners. which concept is this?

Assets and income should not be overstated whilst liabilities and expenses should not be understated. which concept is this?

Business is distinct from the owner. This concept is called __________________

According to going concern concept,a business entity is assumed to have.

Accounting refers to the process of analyzing and interpreting the information already recorded in the books of accounts.

The excess of expense over income is called Profit.

The primary stage of accounting function is called Book-keeping.

In Dual Aspect Concept the assets represent economic resources of the business.