The standard format of journal does not include which of the following?
The standard format of journal does not include which of the following?
A. Assets column
B. Date column
C. Description column
D. Amount column
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The concept of conservatism will have the effect of______________?
The concept of conservatism will have the effect of______________?
A. Overstatement of Assets
B. Understatement of Assets
C. Overstatement of Liabilities
D. Understatement of LiabilitiesThe concept of conservatism will have the effect of understatement of assets since the financial statements are usually drawn up on rather a conservative basis. Window-dressing i.e., showing a position better than what it is, is not permitted.
A chart of accounts generally start with which of the following types of accounts?
A chart of accounts generally start with which of the following types of accounts?
A. Assets accounts
B. liability accounts
C. Cash accounts
D. Revenue accountsCollection of account receivable will
Collection of account receivable will
A. Increase assets and decrease assets
B. Increase assets and decrease liabilities
C. Increase assets and increase capital
D. Increase assets and increase cashA sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?
A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?
A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principleIf the asset turnover and profit margin of a company are 1.85 and 0.35 respectively, the return on investment is.
If the asset turnover and profit margin of a company are 1.85 and 0.35 respectively, the return on investment is.A. 0.65
B. 0.35
C. 1.50
D. 5.29_________ is the first phase of accounting cycle?
_________ is the first phase of accounting cycle?
A. Identifying an economic event or transaction
B. Preparing journals
C. Posting entries to ledger accounts
D. Making decisions about business