Principles of Accounting

Payables and Receivables

Prepaid and Accrued

Withdrawals and Expenses

Unearned and Payables

Identifying an event or transaction

Taking rational decision

Designing Accounting system

Preparing charter of accounts

certain to occur and also the timing of its occurrence is known

certain to occur but its timing of occurrence is not known

not certain to occur and also the timing of its occurrence is not known

not likely to occur

One year

Valid till it is cancelled.

No validity

Five years

Real A/c

Personal A/c

Nominal A/c

None of these

To ascertain the profit or loss on the goods produced

To ascertain the cost of the manufactured goods

To show the sale proceeds from the goods produced during the year

Both (B) and (C)

Journal

Special journal

Account

Ledger

Financial year

Calendar year

Assessment  year

All of the above

matching rule

accrual accounting

proper determination of net income

all of these

conventions of conservatism

conventions of materiality

conventions of disclosure

conventions of horizontal consistency