Double entry accounting requires thata. All transactions that create debits to asset accounts must create credits to liability or capital accountsb. A transaction that requires a debit to a liability account require a credit to an asset accountc. Every transaction must be recorded with equal debits equal total credits.d. All of the above Answer Answer: … Read more
PC 13/14 MCQ on Chapter 5 (Financial Statement) | SAS PC14 MCQ The part of a financial statement arei. Trial Balance ii. Trading Accountiii. Profit & Loss Account iv. Balance Sheeta. i, ii and iii b. ii, iii and ivc. i, iii and iv d. All of the above Answer Answer: B Which of the … Read more
Duration 2 hours——————————————————–Maximum Marks: 100Financial Accounting: 40 Marks Financial Accounting: Nature and Scope, Limitations of Financial Accounting, Basic concepts and Conventions, Generally Accepted Accounting Principles (GAAP). Accounting Process: From recording of transactions to preparation of Financial Statements, Preparation of Bank Reconciliation Statement, Trial Balance and Rectification of Errors. Depreciation, Provisions and Reserves. .Financial Statements:Sole Proprietorship … Read more