FYJC ACCOUNTS CHP 1

Book keeping and accounting are one and the same thing

Amount which is not recoverable from customer is known as _________

_________means a reputation of a business valued in terms of money.

In earlier times of civilization, accounting was done by owners.

Accounting is the language of business.

Book keeping is an art, science.

In _________ basis of accounting, actual cash receipts and actual cash payments are recorded.

According to _________cash flow statement is prepared and presented for the period for which P&L Account is prepared

An act of exchange of things or services between the two parties is termed as _________

The Assets which give long term benefit to the business are Fixed Assets.

The double entry system is based on 'Dual Aspect' concept.

Surplus of income over expenses is _________

Bank Overdraft is an asset of the buisness.

Bills payable is an Asset of the business.

Accounts must be honestly prepared and they must disclose all material information is known as _________

Cash discount does not appear in the books of accounts.

Conservatism means to follow safe side.

A commodity in which a trader deals is known as _________

Accounting is useful only to the owner

A transaction is concerned with money or money's worth.

Brief explanation of an entry is called as _________

The immediate recognition of loss is supported by principle of _________

Solvent person is a person whose assets are more than his liabilites.

In Book Keeping and Accountancy only non monetary transactions are recorded.

Book keeping is useful to find out all tax liabilites.