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Accounting Equa...

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  • Question 1
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    All accounting entries must satisfy the accounting equation specified by  ___________.

  • Question 2
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    From the following which is according to Dual aspects.

  • Question 3
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    Dual Aspect concept results in an accounting equation which is __________.

  • Question 4
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    Accounts must be honestly prepared  & they must disclose all material information is know as ____________.

  • Question 5
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    Concept which provide a line between present & future is known as __________.

  • Question 6
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     Under which accounting concept owner & firm are to be treated as two separate entities _______________.

  • Question 7
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    "Make sufficient provisions for future losses, but do not anticipate future profits." This statement is in accordance to the concept of _________.

  • Question 8
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    Contingent liability is shown due to________________.

  • Question 9
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    Depreciation was not recorded because to do so wold result in a net loss for the period. Indicate the accounting principle that is violated___________.

  • Question 10
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    LIFO inventory method was used in year I, FIFO in year II and weighed average in year III. Which accounting principle is violated?

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