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A concept that a business enterprise will not be sold or liquidated in the near future is known as ?
A concept that a business enterprise will not be sold or liquidated in the near future is known as Going concern
A concept that a business enterprise will not be sold or liquidated in the near future is known as Going concern
See lessIn India, the accounting standard board was set up in the year?
In India, the accounting standard board was set up in the year 1977
In India, the accounting standard board was set up in the year 1977
See lessDuring a lifetime of an entity, accounting produces financial statements in accordance with which basic accounting concept?
It is based on accounting period concept
It is based on accounting period concept
See lessThe amount drawn by a businessman for his personal use is Called?
The amount drawn by a businessman for his personal use is Drawings
The amount drawn by a businessman for his personal use is Drawings
See lessThe primary qualities that make accounting information useful for decision making are ?
Reliability and comparability are the two main qualities
Reliability and comparability are the two main qualities
See lessProvide an example of non business transaction?
Paid son’s fees from her personal bank account Rs. 20,000
Paid son’s fees from her personal bank account Rs. 20,000
See lessDefine book keeping ?
The art of recording all business transactions in a systematic manner in a set of books
The art of recording all business transactions in a systematic manner in a set of books
See lessProvide an example of business transaction?
Paid for salaries of employees Rs. 5,000
Paid for salaries of employees Rs. 5,000
See lessDefine accounting?
The process of recording, classifying, and summarising all business transactions in order to know the financial result
The process of recording, classifying, and summarising all business transactions in order to know the financial result
See lessWhich qualitative characteristics of accounting information are reflected when accounting information is clearly presented?
Understandability is reflected when accounting information is clearly presented
Understandability is reflected when accounting information is clearly presented
See less