Accounting Concepts, Principles and Procedures
If the total assets of the company amount to Rs. 150,000 and owner’s equity is Rs. 70,000 the amount of liabilities will be:
Rs. 70,000
Rs. 80,000
Rs. 90,000
Rs. 100,000
Rs. 80,000
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C. All of the above
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A costing system that tracks costs to a specific lot of a product is which kind of costing system?
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B. Backflush costing system
C. Process costing system
D. Job order costing system
Assets โ Liabilities = ____?
A. Net Income
B. Revenue
C. Net Loss
D. Shareholderโs Equity
A primary user of accounting information with a direct financial interest in the business is aโฆ?
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 โBalance C/Dโ, what does โC/Dโ stand for?
A. caught down
B. carry down
C. carry does it
D. caught does it
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