Mix Test 1...

MIS stands for

It is an information system that provides the needed information to the managers to manage the organization effectively.

What is the rate of charging depreciation under diminishing method?

In depreciation calculation, the useful life of a fixed asset is: 

The accountant tallies his trial balance by putting the difference on shorter side as

Debit balance of suspense account will be  shown at _____ side and Credit balance will be shown at _____ side of balance sheet.

The owner withdraws business assets for personal use.

Proprietor is a creditor of the business for ______

Which accounting principle requires that life of a business be broken into smaller parts

Under which accounting concept fixed assets are recorded at cost without considering the market price (whether low or high).