Which is called spending money or incurring a liability for some benefit or service received?

Which of the following is not an accounting principle?

If Revenue = 7,00,000, Expenses=4,00,000, what is income ?

As per which principle of accounting assets acquired are recorded at cost price.

Costs incurred by a business in the process of earning revenue are known as

Which one is reduces the investment of the owner?

Transaction in which cash is not paid immediately is called

What are total revenue from goods or services provided to customers?

As per which principle revenue is accounted when sales is made or service is needed and expense is recorded when it is due for payment .

If Assets = 5 lakh and capital =3 lakh, What is liabilities?