The business is liable to the proprietor of the business in respect of capital introduced by the person according to

(a)

Money measurement concept

(b)

Cost concept

(c)

Business entity concept

(d)

Dual aspect concept

The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

Which of the following does not follow dual aspect concept?

(a)

Increase in one asset and decrease in other asset

(b)

Increase in both asset liability

(c)

Decrease in one asset and decrease in other asset

(d)

Increase in one asset and increase in capital

___________ is the process of recording business transactions in the books of accounts in a systematic way.

(a)

book keeping

(b)

Accountancy

(c)

Statistics

(d)

none of these

___________ involves recording business transactions of financial nature in the books of accounts.

(a)

Balance Sheet

(b)

Trial balance

(c)

book keeping

(d)

All the above

___________ said "Book keeping is an art of recording business dealings in a set of books".

(a)

Norcot

(b)

J.R. Batliboi

(c)

R.N. Carter

(d)

Keynes

_______________ cannot remember all the transactions for quite a long time.

(a)

Owners

(b)

Bankers

(c)

Consumers

(d)

Business Managers

____________ is a branch of knowledge.

(a)

Accountancy

(b)

Accounting

(c)

book keeping

(d)

double entry

According to _____________ concept only business transactions are recorded.

(a)

Dual aspect

(b)

Cost

(c)

Business entity

(d)

Money measurement

_______________are made for outstanding and prepaid expenses and income.

(a)

Adjustments

(b)

Journals

(c)

Ledger

(d)

Trial balance