ACCOUNTING FOR BUSINESS

Which golden rule is applicable for assets

This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities.

This concept requires that a balance sheet and profit and loss account should be prepared at regular intervals. This is necessary for different purposes like, calculation of profit, ascertaining financical position, tax computation etc. Further, this concept assumes that, indefinite life of business is divided into parts. It may be of one year, six months, three months, one month, etc.

Which among these is not an accounting Conventions

Purchase is debited in a journal entry

Sales return is credited in a journal entry

Started business with cash, which is the correct treatment

Which financial statement displays the revenues and expenses of a company for a period of time?

What is the main purpose of financial accounting?

Asset accounts have what type of balance?

Any written evidence in support of a business transaction is called

The account that records expenses, losses, incomes and gains is

The process of transferring all transactions from a journal to a ledger is known as:

Balance sheet is a statement of

Provide journal entry for, bad debts written off from ganesh (ignore amounts)