Accounting Equa...

The correct concept of double entry book keeping states that ___________.

Mr Nachiket, the owner of Furniture Shop, owns a personal residence that cost Rs. 6,00,000 but has a market value of Rs. 9,00,000. During preparation of the financial statement for the business, the entire value of the property was ignored and was not shown in the financial statements. The principle that was followed was __________________.

Which of the following are accounting conventions? 

If assets are increased by 2,000 and liabilities are increased by 1,200. What will be the effect on business equity?

Double Entry principle means __________________.

The rule 'every transaction affects two or more ledger accounts' is based or the concept of ___________.

Accounting Transactions are recorded in terms of ___________.

Which accounting concept is applicable to record a transaction entered between owner and business?

If the original and current price of machinery is given, it will be recorded at which value?

General reserve is created on the basis of convention of ______________.