Principles of Accounting

Principles of Accounting
________ is used to mean a happening as a consequence of transaction(s).
Event
Transaction
Dealing
Operations
Author: rikazzz Comment
Principles of Accounting
The business form(s) in which the owners is (are) personally liable is (are):
Partnership only
Proprietorship only
Corporation only
Partnership and Proprietorship
Author: rikazzz Comment
Principles of Accounting
Which type of accounts would have the 500 numbers in the chart of accounts?
Assets
Revenues
Liabilities
Owner’s Equity
Author: rikazzz Comment
Principles of Accounting
Rs. 500 spent on servicing office type writer should be debited to:
Expenses Account
Type writer Account
Repairs Account
Services Account
Author: rikazzz Comment
Principles of Accounting
Business transaction in which cash is not paid or received immediately is known as:
Cash transaction
Non monetary transaction
Credit transaction
Transaction in kind
Author: rikazzz Comment
Principles of Accounting
Which financial statement takes Net Income taken directly from the Income Statement?
Statement of Owner’s Equity
Balance Sheet
Trial Balance
Income Statement
Author: rikazzz Comment
Principles of Accounting
A deduction that a vendor allows on the invoice amount to encourage prompt payment
Purchases discount
Petty cash
Cash discount
;P
Author: rikazzz Comment
Principles of Accounting
An example of an indirect expense
The cost of electricty
Buying bigger building
Cost of supplies
Mandatory Fun
Author: rikazzz Comment
Principles of Accounting
The series of accounting activities included in recording financial info, for a fiscal period
Accounting cycle
Post-closing trial balance
Voucher
Check register
Author: rikazzz Comment
Principles of Accounting
Source document prepared by the vendor showing the amount deducted for returns and allowances
Credit memorandum
Sales discount
Cash discount
debit memorandum
Author: rikazzz Comment

Go to Page