Accounting Miscellaneous
Which of the following is time spann into which the total life of a business is divided for the purpose of preparing financial statements?
Fiscal year
Calendar year
Accounting period
Accrual period
Accounting period
Accounting period is time spann into which the total life of a business is divided for the purpose of preparing financial statements. This period defines the time range over which business transactions are accumulated into financial statements, and is needed by investors so that they can compare the results of successive time periods.
Accounting period Accounting period is time spann into which the total life of a business is divided for the purpose of preparing financial statements. This period defines the time range over which business transactions are accumulated into financial statements, and is needed by investors so that they can compare the results of successive time periods.
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The following is (are) the type(s) of JournalA. Purchase Journal
B. Sales Journal
C. Cash Journal
D. All of the above
Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. Purchases
Information about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information
A. Concrete
B. Complete
C. Immaterial
D. Material
Favourable balance of cash book implies
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
How trial balance shows the accumulated depreciation?
A. as a debit item
B. as a credit item
C. It doesn’t show
D. None of these
Which of the following is a commonly used base to create the provision for doubtful debts?
A. Total purchases
B. Total credit sales
C. Total current assets
D. Total current liabilities
The real accounts are accounts of Assets, Liabilities and
A. Expenses
B. Revenues
C. Capital
D. Drawing
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