The fundamental accounting equation Assets = liabilities is the formal expression of

Related MCQs

• Long term assets being `3,00,000, current Assets `80,000, outside liabilities `1,20,000. Find owners equity-
• The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is
• Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
• Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:
• Which of the following equations properly represents a derivation of the fundamental accounting equation?
• A Statement of assets and liabilities prepared under the single entry system is called:
• In non – profit organizations excess of assets over liabilities is called
• Gross assets – liabilities will be equal to
• The liabilities and assets respectively are rs 87000 and rs 92000.amount of difference will be
• The excess of assets over liabilities in non-trading concerns is termed as: Sol: