Introduction to...

_____________ 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.

The fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction is known as

The monetary value of the reputation of a firm as measured in terms of its expected profit is called 

The main book of accounts in which all the business transactions are recorded first is called 

The expenditure incurred to acquire goods for resale is known as

Accounting information is affected by

Accounting information of a company is communicated to the stakeholders through which of the following?

According to which of the following concepts, accounts must be honestly prepared and they must disclose all material information?

Some assets that appear in the balance sheet, may have no physical form or real value but represent actual cash expenditure. Such assets are known as

Customs which guide or direct on how to prepare and maintain accounts are known as

Goodwill is a ________ asset to a business.