Which is called spending money or incurring a liability for some benefit, service or proper received?
Expenditure
Expense
Loss
Gain
___________ is a process of identifying, measuring, recording, classifying, summarising, analysing, interpreting and communicating the financial transaction.
Financial accounting
Management accounting
Cost accounting
None of these
The amount which the proprietors has invested in the business is
Capital
Drawing
Credit
___________transactions are those transactions where there is no question of meeting i.e receiving or paying the value of transaction.
Cash
Barter
Paper
_______________ is the founder of modern double entry system of book keeping.
Kavtilya
King Chandra Gupta Maurya
Luca de Bargo paccoli
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 amount due from debtors and bills receivable is jointly termed as
Receivable
Accounts receivable
Both a and b
Spot out the odd one and state reason.
Bad debts written off
Discount allowed to customers
Depreciation charged on fixed assets
Sale of furniture in change of purchase of typewriters
A person who owes money to the firm is a
Creditor
Debtor
Owner
Assets minus liabilities is
