Q6.The person, firm or institution who does not pay the price in cash for the goods purchased or the services received is called- (1) Proprietor (2) Creditor (3)None of these. (4) Debtor Answer Debtor Related Questions on Introduction to Accounting Q7.The long term assets that have no physical existence but are rights that have value … Read more
Q5.The process of recording, classifying and summarizing all business transactions in order to know the financial result is called – (1)Accounting (2) Book – keeping (3) None of these. (4) Journalizing Answer Accounting Related Questions on Introduction to Accounting Q6.The person, firm or institution who does not pay the price in cash for the goods … Read more
Q4.Use of common unit of measurement and common format of reporting promotes (1) Understandability (2) Comparability (3) Reliability (4) Relevance Answer Comparability Related Questions on Introduction to Accounting Q5.The process of recording, classifying and summarizing all business transactions in order to know the financial result is called – (1)Accounting (2) Book – keeping (3) None … Read more
Q3.Which is the last step of accounting as a process of information? (1) Preparation of summaries in the form of financial statements (2) Recording of data in the books of accounts (3) Analysis and interpretation of information (4) Communication of information Answer Communication of information Related Questions on Introduction to Accounting Q4.Use of common unit … Read more
Q2.Which of the following is not a business transaction? (1) Purchase of goods for resale amounted to Rs. 50,000 (2) Paid salaries and wages amounted to Rs. 10,000 (3) Paid rent for office premises Rs. 5,000 (4) Purchased a LCD for personal use Answer Purchased a LCD for personal use Related Questions on Introduction to … Read more