FUNDAMENTALS OF COMMERCE UNIT-3

Contents

#1. Prepaid rent is an item of

#2. What is the order in which the accounting transactions and events are recorded in the books?

#3. Copyrights, Patents, and Trademarks are examples of

#4. Basic object of Social accounting is

#5. The correct form of the accounting equation is

#6. ?1,000 spent to move a machine to a new location is

#7. The process of recording a transaction in the journal is called

#8. The nature of financial accounting is

#9. The supplier of goods on credit to the business organization is known as --

#10. The debts which are to be repaid within a short period (a year or less) are referred to as,

#11. Long-term assets without any physical existence but, possessing value are called

#12. Any amount for which the business is liable to pay to other parties is

#13. Subsidiary books are the book of

#14. The Cash Book records

#15. GAAP stands for:

#16. As per the accrual concept of accounting, any financial or business transaction should be recorded:

#17. Debit the receiver and credit the giver rule for

#18. Assets purchased for credit are recorded in which of the following books?

#19. Financial Statements are a part of:

#20. Real account records

#21. The Rule of Real Account is

#22. The proprietor of a business is treated as a creditor for capital introduced by him, according to:

#23. Assets are ?10,00,000 and liabilities are ?2,00,000. His capital would be:

#24. Stock at the end is valued:

#25. Fixed assets are kept in the business

#26. Ledger is a book of

#27. As per the revenue recognition principle, sales revenues should be recognized at the time when?

#28. The underlying concept that supports the immediate recognition of loss is:

#29. Which one of the following is revenue expenditure?

#30. Accounting provides data or information on

#31. Cash Book is a form of

#32. After the preparation of ledgers, the next step is the preparation of

#33. Capital expenditure is incurred

#34. Trial Balance is a

#35. Bank Account is

#36. Unfavorable balance means?

#37. Journal is a book of

#38. Goodwill is:

#39. The account that records expenses, gains, and losses is

#40. Gross profit is

#41. Matching concept means:

#42. Which accounting principle states that companies and owners should be treated as separate entities?

#43. Final Accounts are prepared

#44. If a trial balance totals do not agree, the difference must be entered in

#45. The Accounting convention does not include:

#46. Purchases book records:

#47. A bank reconciliation statement is prepared by?

#48. Basic object of National accounting is

#49. Ledger is a book of

#50. When a check is not paid by the bank, it is called?

Finish

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