Accounting Concepts, Principles and Procedures
In the term “Balance C/D”, what does “C/D” stand for?
caught down
carry down
carry does it
caught does it
carry down
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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
A ____ lists each of the accounts in the general ledger with its balance as of a particular date. What is it?
A. Trial Balance
B. Balance Sheet
C. General Journal
D. Statement of retained earnings
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