Two or more business units forming a single entity is known as __________.

(a)

Joint

(b)

Merger

(c)

Link

(d)

Compound

Which of the following is correct about 'Accounting Concept'?

(a)

Accounting concepts are based on accounting conventions

(b)

Accounting concepts are established by common accounting practices

(c)

Accounting concepts are methods or procedures accepted by general agreement

(d)

Personal judgment has no role in the adoption of accounting concepts.

Prepaid rent is a  

(a)

Nominal A/c

(b)

Personal A/c

(c)

Real A/c

(d)

Representative personal A/c

Drawings account is classified under __________.

(a)

Real A/c

(b)

Personal A/c

(c)

Nominal A/c

Posting on the Credit side of an account is written as _______________

(a)

To

(b)

By

(c)

Being

(d)

Narration

Purchases of fixed assets on credit basis is recorded in_______

(a)

Purchases book

(b)

Sales book

(c)

Purchases returns book

(d)

Journal proper

______ is one of the most important books, in which credit purchases of goods are recorded.

(a)

Purchase book

(b)

Sales book

(c)

Purchases returns book

(d)

None of these

______ entries are passed in the journals proper for transferring an item entered in one account to another Account.

(a)

Opening

(b)

Closing

(c)

Adjusting

(d)

Transfer

Revenue expenditure is intended to benefit ______.

(a)

Past period

(b)

Future period

(c)

Current period

(d)

Any period

If there is no existing provision for doubtful debts, provision created for doubtful debts is ______.

(a)

Debited to bad debts account

(b)

Debited to sundry debtors account

(c)

Credited to bad debts account

(d)

Debited to profit and loss account