Which of the following is correct?

Find the correct statement

The claim of the proprietor is _________ and that of the outsider is _____________.

While recording a transaction, the total amount debited must be ____________ total amount credited.

In its simplest form, an account books looks like the letter

Recording of transaction in a journal is called ______________.

As per general rule of accounting, _______________what comes in, ________ what goes out.

In a T form of accounting, the left side is called ________- and the right side is called __________.

The journal entry to record “payment of rent” will include

All transactions/events are expressed in monetary terms. Which concept says this?

Concept of “prudence” is also known as

A cheque for Rs.1,00,000 is issued to pay off one of the creditors. The account to be debited is

Increase in liability is credited and decrease in assets is credited. Is the statement correct?

Which accounts are closed at the end of the accounting period by transferring them to trading and P& L account?

As per cost concept, all assets are recorded in the books of accounts at

During the lifetime of an entity, accounting produces financial statement in accordance with which basic accounting concept?

Mr.A withdraws Rs.15,000 from his business for personal use. Here, account to be credited is

All assets, liabilities and capital accounts are _____________ accounts whereas all the expenses and revenue accounts are ______________accounts.

Issued a cheque for payment of wages. The account to be debited is

Which concept says that a business firm would continue to carry out its operations indefinitely?

Payment of wages is journalised as

Explain dual aspect concept.

When cash is received, entries are made in the accounts books. This basis of accounting is termed as

If interest for April, 2005 is received in March, 2005, then it will be taken to the profit and loss account of the financial year ending on

Which book of source entry gets greater importance as legal evidence than the ledger?

Rent belonging to the month of April is paid in advance in March. In this case, the account to be debited is

Revenue is assumed to be realised when a legal right to receive it arises. Which concept is this?

The __________ concept requires that accounting transaction should be free from bias of accountants and others.

Which is incorrect?

__________ is the book of first entry whereas _____________ is the book of second entry.

Process of recording in the ledger is known as

Which of the following answers properly classifies these commonly used accounts?(1 ) Building (2) Machinery (3) Credit purchases (4) Drawings (5) Rent paid (6) Interest earned (7) Prepaid insurance charges (8)Discount allowed (9) Fresh capital introduced (10) Outstanding electricity charges

ASSETS LIABILITIES REVENUE EXPENSES CAPITAL (a) 5,4 3 8,7 1, 9 2,6,10 (b) 1,3,9 2,7 4,8 5 6,10 (c) 1,2,7 3,10 6 5,8 4,9 (d) 3,9 1,4,7 2 5,8 6,10