TERM 1 FULL PORTION REVISION

Which of the following is not the advantage of accounting

• Ascertaining financial position

• Replaces memory

• Ascertain the net result of the operation

• none of the above

The complete sequence ,beginning from recording of the transactions and ending with the preparation of the final account is called ------

• Accounting cycle

• Accounting information

• Financial Accounting

• Human resource accounting

------- are the obligation that an enterprise has to pay at sometime in future

• expenses

• losses

• liabilities

• bad debts

which of the following asset is known as Active assets?

• tangible assets

• intangible assets

• current assets

• non-current assets

the inventory which requires further processing to get it ready for sale ,such inventory is classified as----

• inventory of raw material

• inventoryof WIP

• inventory of finished goods

• inventory of stock in trade

profit and gain are same

• true

• false

• i dont know

trade discount is given to encourage --------and cash discount is given to encourage -----

• selling,early payment

• purchasing,early payment

• both the selling and purchasing

• none of the above

in accural concept ,revenue is recorded when

• cash is received

• sale transactions occur

• goods are delivered

• none of the above

principle of separate entity is applicable to only sole proprietorship business

• true

• false

identify the odd one out

• accounting period principle

• financial period principle

• periodicity principle

• time period principle