A. Business entity B. Going concern C. Consistency D. Duality Correct Answer: Option B B. Going concern Explanation The going…
A. Materiality B. Accrual C. Going concern D. Business Entity Correct Answer: Option A A. Materiality Explanation In accounting, the…
A. Current liability B. Current asset C. Tangible asset D. Long term liability Correct Answer: Option B B. Current asset…
A. Profit of a period B. Quality of labour force C. Credit worthiness D. Value of assets Correct Answer: Option…
A. Credit side of the returns outwards book B. Debit side of the returns outwards account C. Debit side of…
A. Discount received B. Total credit purchases C. Discount allowed D. Returns outwards Correct Answer: Option C C. Discount allowed…
A. Balancing B. Set off C. Reconciliation D. Canceling Correct Answer: Option B B. Set off Explanation A set-off clause…
A. Current liability B. Expenses C. Income D. Current asset Correct Answer: Option C C. Income Explanation The effects of…
A. Revaluation B. Straight Line C. Diminishing balance D. Obsolescence Correct Answer: Option D D. Obsolescence Explanation Depreciation methods Straight-line…
A. Balance sheet B. Trial balance C. Profit and loss account D. Trading account Correct Answer: Option C C. Profit…