Multiple Choice
The expenses and incomes pertaining to full trading period are taken to the Profit and Loss Account of a business, irrespective of their payment or receipt. This is in recognition of
A) Time period Concept
B) Going Concern Concept
C) Accrual Concept
D) Duality Concept
Correct Answer:
Verified
Correct Answer:
Verified
Q21: Goods returned from X is entered as<br>A)Debit
Q22: In the creditors control account, all of
Q23: Ledger contains various _ in it<br>A)Transactions .<br>B)Entries
Q24: The _ in a ledger helps in
Q25: Only the significant events which affect the
Q27: Net profit / loss is transferred to
Q28: Payment received from Debtor<br>A)Decreases the Total Assets<br>B)Increases
Q29: In which of the following statement opening
Q30: Fixed Assets and Current Assets are categorized
Q31: Gross Profit is the difference between<br>A)Net Sales