Where will the revenue expenditure appear?
Trading and profit and loss account
Balance sheet
Income and expenditure account
Payment and receipt account
The other name of accounting entity concept.
Dual aspect
Going concern
Money measurement
Business entity
In business entity concept, everything is recorded:
In view point of business
View point of owner
View point of customer
View point of both owner and business
In business, accounting records are always maintained on the basis of:
End will be soon
Anticipating profit
Assumed loss
Assumed continuity
‘For every debit, there is corresponding credit’. On which concept is this statement based?
Money spent by a business on day to day activities comes under:
Capital expenditure
Revenue expenditure
Capital receipt
Revenue receipt
All transactions are recorded in their original cost. This principle is:
Historical cost
Revenue
Cost concept
What is the strength of a going concern concept?
Business will close down in near future
No profit
No legal formalities
Business continues to function for indefinite period
The basic principle of accounting is:
Matching principle
Verification and objectivity principle
Dual aspect principle
According to dual aspect concept, business transactions have:
One aspect
Two aspects
Three aspects
Four aspects
