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Financial Accounting Quiz (Record, Accounting, Revenue)

Revenue should be recognized or recorded when the goods are sold or services are rendered to the customer, this concept is known as:

A record maintained which is measurable in the form of money, this concept of accounting is known as:

The cost of goods and services used up in the process of obtaining revenue is known as:

Which of the following is an accounting system in which events are recorded as and when they occur?

Recording of all financial transactions undertaken by an individual or organization is known as:

Any cheque drawn to creditor but not paid by bank will effect as follows:

If no distribution is made between capital and revenue expenditure then:

The Policy for charging depreciation is selected by:

The estimated value at which an asset is expected to be sold after the end of its useful life is called:

Mr. “A” borrowed money from bank; this transaction involves which one of the following accounts:

Tagged as: record
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