Costs incurred by a business in the process of earning revenue are known as
Revenue
Expenditure
Expenses
Profit
Transactions in which cash is involved in exchange is called
Cash transaction
Credit transaction
Barter transaction
Paper transaction
Which are assets held on a long-term basis?
Current assets
Fixed assets
Preliminary expenses
Fictitious assets
What is not sufficient that the financial information is relevant and reliable at a particular time?
Reliability
Relevance
Understandability
Comparability
As per which principle of accounting only important facts are to be recorded in the books .
Materiality
Going concern
Dual aspect
Matching
The amounts of the business earned by selling its products or providing services to customers, called
Purchase revenue
Sales revenue
Revenue expenses
Revenue income
Which stock is the amount of stock at the beginning of the accounting period?
Opening stock
Closing stock
Stock in hand
Finished goods
Which one is correct?
Liabilities = Assets - capital
Liabilities = capital - Assets
Liabilities = loans - debtors
Liabilities = capital - cash
What is referred to as the products dealt by a business unit?
Goods
Stock
Debtors
Creditors
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.