Business transactions recorded on the basis of dual aspect is known as:
Single entry
Double entry
No entry
One entry
Money spent for purchasing fixed asset is known as:
Capital expenses
Revenue expenses
Capital expenditure
Revenue expenditure
The income arising in a normal trading activities is known as:
Capital receipt
Revenue receipt
The basic principle of accounting is:
Matching principle
Verification and objectivity principle
Dual aspect principle
Which is an acceptable method by which the rule is applied to a given situation?
Concepts
Convention
Rule
Regulations
The other name of prudence is:
Conservatism
Materiality
Disclosure
According to dual aspect concept, business transactions have:
One aspect
Two aspects
Three aspects
Four aspects
Based on which principle, the firm is treated as a continuing one for long?
Going concern
Business entity
Cost
Consistency
Legal cost incurred while purchasing a fixed asset comes under:
Revenue expense
When the owner makes drawing from the business, a debit entry will be made in drawings account. This will:
Increase the amount owed by owner
Decrease the amount owed by owner
There will be no change
Increase the owner's profit
