As per which accounting concept business and owners are considered separate.
Going concern
Money measurement
Accounting entity
Periodicity
Which accounting principle speaks that an accounting data should be verifiable?
Dual aspect
Principle of verifiability and objectivity
Historical cost
Trial
The excess of revenues of a period over its related expenses during the accounting year?
Profit
Loss
Capital
Discount
Which one of the following is the Internal event?
Supply of raw material
Sale of Reebok shoes to the customers.
Payment of monthly rent to the landlord
Purchase of materials from suppliers.
What is not sufficient that the financial information is relevant and reliable at a particular time?
Reliability
Relevance
Understandability
Comparability
Which one is reduces the investment of the owner?
Purchase
Drawings
Sales
What is withdrawal of goods by the owner from the business for personal use?
Voucher
What are total amount of goods procured by a business on credit and on cash for resale?
Purchases
Purchase return
Sales return
On which side of the Balance Sheet is the Sundry Creditor shown?
Liability side
Asset side
Income side
Expenses side
Which of the following is not an accounting principle?
Revenue recognition
