According to which concept all the transactions are measureable in the terms of money are recorded in accounts?
A. Business entity concept
B. Money measurement concept
C. Going concern concept
D. Accounting period concept
Which of the following is non-profit organization?
A. Sole proprietorship
B. Partnership
C. Limited company
D. Trust
Office equipment is an___ asset for a computer manufacturer and the same office equipment is an __ asset for a company that deals in these equipment’s.
A. Current, fixed
B. Fixed, intangible
C. Fixed, current
D. Tangible, intangible
An alternative term used for accumulated depreciation expenses____________
A. Provision for depreciation
B. Cumulative depreciation
C. Targeted depreciation
D. Depletion
Treasury bills (T-bills) are issued by government to ________ money.
A. Lend
B. Borrow
C. Invest
D. Save
The following is a statement of revenues and expenses for a specific period of time.
A. Trending account
B. Trial balance
C. Profit and loss statements
D. Balance sheet
The following is also known as external internal equity ratio.
A. Current ratio
B. Acid test ratio
C. Debt equity ratio
D. Debt service coverage ratio
In the cost of goods sold statement, the sum of labor cost and the factory overhead is known as:
A. Conversion cost
B. Prime cost
C. Total factory cost
D. Cost of goods manufactured
A business event which can be measured in terms of money and must be recorded in books of accounts is called:
A. Condition
B. Transaction
C. Information
D. Record