Financial Accounting

What is Accounting?

• Recording

• Classifying

• Summarizing

• all the above

Recording of Transactions is.....

• Book Keeping

• Journal entries

• Final Accounts

• Cash Book entries

which of the following is current asset

• land and building

• machinery

• cash

• furniture

Though the instalments of a hire purchase agreement may be equal. The interest element in each instalment is not the same

• True

• False

The hire purchase Act came into force from the year 1972

• True

• False

Accrual Concept implies accounting on cash basis

• True

• False