Accounting Concepts, Principles and Procedures
A few days ago, my friend came to me and asked for a loan. I lent him 10 dollars. How will I be recorded in my friend’s books of accounts? (My name is Victor)
Jason’s Loan account
Income account
Nobody’s Loan account
Victor’s Loan account
Victor’s Loan account
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What does the certification CA in Canada stand for?A. Accrued revenue
B. Chartered Accountant
C. All of the above
D. Nome of the above
A costing system that tracks costs to a specific lot of a product is which kind of costing system?
A. Activity based costing system
B. Backflush costing system
C. Process costing system
D. Job order costing system
Assets – Liabilities = ____?
A. Net Income
B. Revenue
C. Net Loss
D. Shareholder’s Equity
A primary user of accounting information with a direct financial interest in the business is a…?
A. labour union
B. director
C. taxing authority
D. regulatory agency
What is the normal balance for an expense account?
A. Credit
B. Debit
C. Contraliability
D. None of these
When revenue is greater than expenses, you have a ___?
A. Net Loss
B. Net Income
C. Contributed Capital
D. Historical Valuation
In the term “Balance C/D”, what does “C/D” stand for?
A. caught down
B. carry down
C. carry does it
D. caught does it
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