Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments?
Basic Accounting

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Other
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University
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Hard
Deepak Agarwal
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Monetary unit assumption
Economic entity assumption
Time period assumption
Going concern assumption
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If beginning capital was $25,000, ending capital is $37,000, and the owner's withdrawals were $23,000, the amount of net income or net loss for the period was:
net loss of $35,000
net income of $35,000
net income of $14,000
net loss of $14,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
________________ is prepared at the end of the accounting period to show the financial position o f business
Profit & loss account
Balance sheet
Profit & loss statement
Satetment of financial position
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Transaction & events not capable of being expressed in terms of money are not to be recorded in accounting due to
Going concern
Accounting entity
Money measurement
Periodicity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounts receivable normally has ________ balance
Debit
Credit
Negative
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6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Journal is a book of ______entry
Secondary
Original
First
None of these
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Recording of transaction in ledger is called as
Journalizing
Posting
Recording
None of these
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