_______ states that “anticipate no profits but provide for all possible losses.”
A. The realization concept
B. Concept of prudence
C. Both A & B
D. The accrual concept
______ is the residual interest of owners in assets over liabilities.
A. Expenses
B. Income
C. Equity
D. None of these
Which of the following is the books of secondary entries?
A. Posting
B. Ledger
C. Account
D. None of these
The bank reconciliation statement is_____
A. Not a part of books of accounts
B. A part of books of accounts
C. A part and parcel of books of accounts
D. Both B & C
Historical cost of inventories may be determined by using;
A. FIFO
B. LIFO
C. Both a & b
D. Variable costing method
Intangible assets________
A. Having physical existence
B. Having no physical existence
C. Which can be seen
D. None of these
loans obtained against hypothecation of an asset are called________
A. Unsecured loan
B. Capital
C. Secured loan
D. All of these
A____ increases in liabilities, while _______ increases in liabilities.
A. Debit, debit
B. Credit, credit
C. Debit, credit
D. Credit, debit
Which of the following are the functions of treasures?
A. Taxations and insurance
B. Managing working capital
C. Accounting and auditing
D. All of these
Project invisibility can lead to sub- optimal results when____ is used for capital retaining.
A. NPV
B. IRR
C. PI
D. ARR