Accounting records transactions in term of

Related MCQs

• Which of the following statements is/are true? (i) Cash Book records all cash receipts and cash payments (ii) Cash Book records all sale and purchase transactions of goods both in cash and on credit (iii) Cash Book records discount on Cash Payments
• 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:
• Income and Expenditure Account records transactions of: Sol:
• Income and Expenditure Account records transactions of:
• Accounting does not record non- financial transactions because of
• To obtain the amount of credit sales made during an accounting period, which account is generally used in single entry and incomplete records?
• Such systems also generate reports which allow the accounting professionals to have a proper view of different transactions in a comprehensive manner.
• What is the order in which the accounting transactions and events are recorded in the books
• The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is