Exam 43: Fundamentals of Accounting: Objectives, Concepts, and Principles

The cash discount allowed to a debtor should be credited to

A business firm is separate and distinct from its owners is the assumption under which of the following accounting concepts:

Depreciation of fixed assets is an example of:

The underlying assumption that assumes that the life of a company can be divided into artificial time periods is:

Rs. 5000 spent on replacement of worn out part of the machine will be charged as:

Rules of revenue recognition determine that earning process should be either complete or near completion under:

When a machinery is purchased for cash, the cash balance is reduced and to that extent, the amount of machinery as an asset is recorded. This is done to follow which of the following accounting principles:

According to the money measurement concept, the following will be recorded in the books of account of the business:

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?

The amount salary paid to Suresh should be debited to

XYZ Ltd. follows the written down value method of depreciating machinery year after year due to

"Assets should be valued at the price paid to acquire them" is based on?

Sales made to Mahesh fir cash should be debited to

Which of the following is not the objective of accounting?

In accounting revenue is generally treated to be realized when goods or services are:

Which of the following payment is made from petty cash?

Which of the following transactions does not decrease cash?

An ink-stand has been purchased by a firm for a nominal amount that is to last for 4 year. It should not be classified as a fixed asset under which of the following accounting principles:

A deduction allowed to the buyers from the gross catalogue price on making bulk purchases is termed as ____________

The term 'Business Income' includes: