The assets that can be easily converted into cash within a short period i.e. 1 year or less are known as _____
Anonymous Quiz
76%
Current Assets
12%
Fixed Assets
5%
Intangible Assets
6%
Investments
If any asset is withdrawn by the proprietor for personal use, Journal Entry should be ___
Anonymous Quiz
52%
Debit Drawings A/c, Credit Assets A/c
9%
Debit Purchases A/c, Credit Assets A/c
29%
Debit Drawings A/c, Credit Purchases A/c
10%
Debit Assets A/c, Credit Drawings A/c
The portion of the expenses, the benefit of which will be received during the next financial year, is known as _____
Anonymous Quiz
29%
Outstanding expenses
59%
Prepaid expenses
9%
Depreciation
2%
Bad Debts
Double entry principle means __
Anonymous Quiz
11%
Writing twice the same entry
11%
Writing all the entries twice in the book
63%
Having a debit for every credit and credit for every debit
16%
All of the above
A monetary benefit that arises from transaction of non-operating in nature is called __
Anonymous Quiz
20%
Income
60%
Gain
16%
Profit
3%
Loss
The rule 'Debit the Receiver, Credit the Giver' is applicable to ___
Anonymous Quiz
15%
Nominal Account
23%
Real Account
50%
Personal Account
12%
All of the above
A concept that a business enterprise will not be sold or liquidated in the near future is known as ___
Anonymous Quiz
58%
Going Concern
23%
Consistency
6%
Prudence
13%
Accounting Period Concept
Depreciation is provided due to ___
Anonymous Quiz
6%
Inflation
56%
Wear and Tear
30%
Fall in the market value of the asset
8%
Increase in the market value of the asset
Any written evidence in support of a business transaction is called ____
Anonymous Quiz
26%
Journal
12%
Trial Balance
5%
Ledger
56%
Voucher
Errors not shown by Trial Balance are ___
Anonymous Quiz
11%
Errors of Principle
41%
Errors of Complete Omission
18%
Compensating Errors
31%
All of these
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Payment to a creditor means _____
Anonymous Quiz
28%
Increase in asset and decrease in liability
61%
Decrease in asset and decrease in liability
8%
Decrease in asset and increase in liability
3%
Increase in asset and increase in liability