Multiple Choice Questions (MCQs) quiz for the chapter “Bills of Exchange” for the students to test their understandings. This MCQs quiz will also be helpful to prepare for their exams, interviews and to clear their concepts. The Bills of exchange MCQs quiz consists of 62 multiple choice questions. Students need to choose the correct option for … Read more
This concept states that revenue from any business transaction should be included in the accounting records only when it is realised. Revenue is said to have been realised when cash has been received or right to receive cash on the sale of goods or services or both has been created. Significance- It helps in making … Read more
It provides the very basis of recording business transactions in the books of accounts. This concept assumes that every transaction has a dual effect, i.e. it affects two accounts in their respective opposite sides It is commonly expressed in terms of fundamental accounting equation Assets = Liabilities + Capital The knowledge of dual aspect helps … Read more
The cost concept requires that all assets are recorded in the book of accounts at their purchase price, which includes cost of acquisition, transportation, installation and making the asset ready to use. The concept of cost is historical in nature as it is something, which has been paid on the date of acquisition and does … Read more