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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
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Accounting Concepts, Principles and Procedures
In support of business transaction, any written evidence is called:
Voucher
Reference
Book
None of these
Each business transaction must have a proper supporting. This documents are called as voucher.
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Accounting Concepts, Principles and Procedures
Goods returned by customers are known as:
Merchandise return
Purchase return
Return inwards
Sales return
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rikazzz
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Accounting Concepts, Principles and Procedures
Balance sheet audit is useful for:
Big concerns
Small concerns
Medium size concerns
Infinite concerns
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rikazzz
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Accounting Concepts, Principles and Procedures
The concession received on the price of defective goods is called:
Allowance
Trading discount
Discount
Cash discount
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rikazzz
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Accounting Concepts, Principles and Procedures
The assets which have some market value are called:
Fictitious assets
Real assets
Fixed assets
Quick assets
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rikazzz
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Accounting Concepts, Principles and Procedures
The term current asset does not include:
Stock in trade
Debtors
Cash
Building
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Which of the following is classified as an operating expense?
Debenture Interest
Freight on sales
Purchase of machinery
Dividend payable
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rikazzz
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Accounting Concepts, Principles and Procedures
Which of the following is not true about opinion on financial statements?
Should express an opinion on financial statements
His opinion is no guarantee to future viability
For detection and prevention of frauds and error
None of these
Author:
rikazzz
Comment
Accounting Concepts, Principles and Procedures
Management audit is ordered by the:
Board of directors
Government
Workers of a company
None of these
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rikazzz
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Accounting Concepts, Principles and Procedures
Obligations of the business are known as:
Liabilities
Revenue
Expense
Assets
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