Find out the wrong statement.
The asset must be valuable
Asset must be owned
The asset must be acquired at a measurable money cost
Sundry creditors is an asset
Which system of accounting is followed by government organization
Cash basis
Accrual basis
Credit basis
Debit basis
If Assets = 5 lakh and capital =3 lakh, What is liabilities?
2,00,000
8,00,000
4,00,000
50,000
Which accounting assists keeping a systematic record of financial transactions?
Management A/c
Financial A/c
Cost A/c
None of these
Which accounting principle speaks that the accounting data should be verifiable
Dual aspect
Principle of verifiability and objectivity
Historical cost
Trial
Which of the following is not a business transaction.
Bought furniture of Rs 10,000 for business
Paid for salaries to employers Rs 5000
Paid sons fees from her personal bank account Rs 20,000
Paid sons fees from business Rs 2000
The old method of accounting is called
Margarita
Menagerie
Desi
Naoma
_________account is meant for recording return of goods purchased.
Purchase
Sale
Purchase return
Sales return
_______________ is the founder of modern double entry system of book keeping.
Kavtilya
King Chandra Gupta Maurya
Luca de Bargo paccoli
Settlement of accounts is postponed to future date is a ___________ transaction.
Cash
Credit
Paper
Barter
