Tag Archives: MCQs-with-Answers

Accounting Equation is a formula in which a firm’s assets must be equal to the sum of its liabilities and the owners’ equity. Different expert define it differently. we define Accounting equation properly as follows: ” The expression of the equality of an entity’s assets with the claims against them is referred to as the Accounting Equation. The financial position …

When a person buys or sells goods or acts some business activities, it is said that a business transaction has occurred. We can define Business Transaction properly as, “An exchange of goods or services between persons for price is called a transaction.” After the completion of transaction, it is necessary to record this transaction in the books of accounts. All …

The word “Journal” has been derived from the French word “Jour”. Jour means day. So Journal means daily. Transactions are recorded daily in journal and hence it has  been named so. It is a book of original entry to record chronologically (i.e. in order of date) and in detail the various transactions of a trader. It is also known “Day …

Ledger & Trial Balance – MCQs with Answers FOR MCQs with Answers CLICK BELOW MCQS with Answers  LEDGER CALLED KING OF ALL BOOKS In ledger various accounts are posted from journal, so it is called king of all books. ADVANTAGES OF THE LEDGER Ledger provides better information, to management to increase income and decrease losses of the business. From it …

Single Entry Bookkeeping System also known as Single Entry Accounting System or Accounts form Incomplete Records. It is a method of bookkeeping relying on a one sided accounting entry to maintain financial information. Most businesses maintain a record of all transactions based on the double entry bookkeeping system. However, many small, simple businesses maintain only a single-entry system that records …

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