Accounting & Auditing

Q1

The following is a statement of revenues and expenses for a specific period of time.

Q4

______ is the residual interest of owners in assets over liabilities.

Q6

The following is also known as external internal equity ratio.

Q7

A business entity has owner’s equity of Rs. 40,000 and liabilities of Rs. 25,000 its assets are—–:

Q9

A business event which can be measured in terms of money and must be recorded in books of accounts is called:

Q10

A____ increases in liabilities, while _______ increases in liabilities.

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