Exam 1: Accounting Concepts and Principles

The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.

As per the Matching concept, Revenue - ? = Profit

The rule debit all expenses and losses and credit all income and gains relates to

Cash a/c is a ______.

Any written evidence in support of a business transaction is called

A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated.

The following is not a type of liability

A trader calculated his profit as Rs.150000 on 31/03/2014. It is an

The accounts that records expenses, gains and losses are

Accounting furnishes data on

Profit and loss is calculated at the stage of

Real accounts records

Debit the receiver & credit the giver is _____ account.

Business enterprise is separate from its owner according to _____ concept.

Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.

A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?

The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as

The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed

Which of the following is not a nominal Account?

Which accounting concept satisfy the valuation criteria?