The concept which assumes that a business will last indefinitely is

(a)

Business Entity

(b)

Going concern

(c)

Periodicity

(d)

Conservation

___________ requires that all accounting transactions recorded should be based on objective evidence.

(a)

Matching concept

(b)

Cost concept

(c)

Dual aspect concept

(d)

Objective evidence concept

An entry is passed in the beginning of current year is called _________

(a)

Original entry

(b)

Final entry

(c)

Opening entry

(d)

Adjusting entry

The amount brought into the business by the proprietor should be credited to

(a)

Cash account

(b)

Drawings account

(c)

Capital account

(d)

Suspense account

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

(a)

To

(b)

By

(c)

Being

(d)

Narration

Net position of an account can be ascertained from ________.

(a)

Journal

(b)

Ledger

(c)

Trial balance

(d)

Balance sheet

Credit balance in the bank column of the cash book means

(a)

Credit balance as per bank statement

(b)

Debit  balance as per bank statement

(c)

overdraft as per cash book

(d)

None of these above

Under the written down value method of depreciation, the amount of depreciation is ____.

(a)

Uniform in all the years

(b)

Decreasing every year

(c)

Increasing every year

(d)

None of the above

The Non-depreciable fixed asset is ___________

(a)

Plant and machinery

(b)

Building

(c)

Land

(d)

Vehicles

Salaries appearing in the trial balance is shown on the _______.

(a)

Debit side of trading account

(b)

Debit side of profit and loss account

(c)

Liabilities side of the balance sheet

(d)

Assets side of the balance sheet