The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as

Related MCQs

• The debts which are to be repaid within a short period (a year or less) are referred to as,
• Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.
• P & L a/c is prepared for a period of one year by following:
• Long term assets having no physical existence but, possessing a value are called
• Fixed assets are held by business for _____.
• A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
• Cash a/c is a ______.
• A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated.
• The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed
• Accounting principles are divided into two types. These are ---