Accounting Cycle

Question No. 1

refers to the accounting procedure used to record, classify, summarize and interpret the business transactions.

Question No. 2

The standards which are made to make accounting practice uniform and adaptable are known as .

Question No. 3

Accounting principles should be result-oriented, factual and .

Question No. 4

The assumptions upon which accounting is based are called .

Question No. 5

concept refers that for the purpose of accounting owner and business are two separate entities.

Question No. 6

According to concept, this is assumed that the business will operate for a long period of time.

Question No. 7

Under concept it is assumed that only those transactions which have a monetary value should be recorded in the book of account.

Question No. 8

concept requires that an asset should be recorded on its cost on which it was purchased.

Question No. 9

concept requires that the life of business should be segregated into equal parts.

Question No. 10

concept requires that the revenues of a particular period must match with the expenses of that period.