The revenue of the accounting period is matched against the costs of the same period. This principle is:
Matching principle
Monetary principle
Accounting entity
Going concern
There is an order placed by a customer, but no goods exchanged in hands. Is it possible to record a transaction that follows realization concept?
Yes
No
Not affected
As per account wishes
The other name of accruals principle is:
Matching
Monetary
Money is a recognized unit of measure. Which of the statement is correct regarding money?
It is a modern way of valuing transactions
It is a traditional way of valuing transactions
It is a scientific way of valuing transactions
It is an ignorant way of valuing transactions
The relationship of assets and liabilities is known as:
Accounting equation
Accounting principle
Accounting convention
Accounting rules
Which principle is used to record immaterial item?
Principle of materiality
Historical principle
Revenue recognition principle
Money spent by a business on day to day activities comes under:
Capital expenditure
Revenue expenditure
Capital receipt
Revenue receipt
This principle applies to items of very low value.
Materiality
Entity
Historical cost
Business entity concept is most suitable for:
Sole ownership organization
Partnership organization
Company
HUF
Where will the revenue expenditure appear?
Trading and profit and loss account
Balance sheet
Income and expenditure account
Payment and receipt account