Introduction to Accounting Test - 2

Which of the following is not a fixed asset for a dealer in furniture?

A person who is financially sound and is able to pay off his debt is called

A brief explanation of the business transaction for each entry passed is known as

A proprietor paid college fees of his son from business. This transaction will be termed as

Which of the following expenditures is a type of revenue in nature but benefit of which is not exhausted within one year?

_____________ concept is an assumption that an entity will remain in business for the foreseeable future.

Which of the following financial statements summarises a company's assets, liabilities and shareholders' equity at a specific point in time?

Which of the following expenditures is a revenue in nature and incurred during an accounting period, but its benefits are to be derived over a number of following accounting periods?

Which of the following is a potential liability that may occur, depending on the outcome of an uncertain future event?

_____ is a person or entity who/which owes an amount to another entity.