Commercial Applications
Which of these is not a purpose of financial recordings?
- Ascertaining financial position
- Making accounting information available to stakeholders
- Journal
- None of these
Related Questions
…………… is the art and science of recording transactions while …………… is the art and science of recording, classifying and summarising transactions.
- Book keeping, accounting
- Accounting, book keeping
- Financial recording, accounting
- Accounting, journalising
Which of the following is/are correct statement(s)?
Statement 1: The Money Measurement Concept allows for the recording of all significant events, irrespective of their monetary value.
Statement 2: The Dual Aspect Principle ensures that every financial transaction is recorded twice in the accounting records.
- Only Statement 1 is correct
- Only Statement 2 is correct
- Both Statements 1 and 2 are correct
- Both Statements 1 and 2 are false
The accounting cycle consists of
- Journal
- Ledger
- Trial balance
- All of these
A company decides to change its method of depreciation from the straight-line method to the reducing balance method without disclosing this change in the financial statements. Which principle has been violated?
- Matching Principle
- Consistency Principle
- Dual Aspect Principle
- Going Concern Concept