The determination of expenses for an accounting period is based on the concept of 3

Related MCQs

• …………………………….. principle requires that the same method should be used from one accounting period to the next .
• Profit and loss account is prepared for a period of one year by following the concept of
• Expenses paid but not accrued means
• Advertising expenses for launching a new product of the company is____________.
• Select correct journal entry to rectify an error “An amount of 10,000, withdrawn by owner for personal use debited to Trade Expenses Account”. Debit Credit
• Which of these is/are recurring (indirect) expenses?
• Petty expenses paid in cash are recorded in:
• As regards the accounting treatment, Legacy should be
• Whenever errors are noticed in the accounting records, they should be rectified.
• At the en d of the accounting year bills receivable discounted were 32,000 would be shown