Which of the following is not an accounting principle?
Going concern
Dual aspect
Historical cost
Revenue recognition
Which one of the following is the objective of accounting?
Depiction of financial position
Identification
Measurement
Recording
Transaction in which cash is not paid immediately is called
Cash transaction
Credit transaction
Barter transaction
Paper transaction
On what basis of accounting both cash and credit transaction are recorded.
Accrual basis
Cash basis
Debit basis
Credit basis
What means the user must be able to depend on the information?
Reliability
Relevance
Understandability
Comparability
Costs incurred by a business in the process of earning revenue are known as
Revenue
Expenditure
Expenses
Profit
Which one decreases owner's equity?
Loss
Discount
Capital
Which one is reduces the investment of the owner?
Purchase
Drawings
Sales
Which one is expenditure?
Cost of heater
Light and water
Telephone
Purchase of furniture
As per which principle of accounting there should not be frequent changes in accounting.
Material
Consistency
