Select the most appropriate alternatives from those given below and rewrite the statements.
1) Surplus of income over expenses is ______________.
a) Profit b) Deficit c) Loss d) Financial Statements
2) In ____________ basis of accounting, actual cash receipts and actual cash payments are recorded.
a) Accrual b) Hybrid c) Cash d) Mercantile
3) Amount which is not recoverable from customer is known as ______________.
a) Bad Debts b) Debts c) Debtors d) Doubtful debts
4) Accounts must be honestly prepared and they must disclose all material information is known as _________.
a) Entity Concepts b) Dual Aspect Concept c) Disclosure Concept d) Cost Concept
5) A commodity in which a trader deals is known as _______________.
a) Goods b) Income c) Property d) Expenditure
6) _________ means a reputation of a business valued in terms of money.
a) Trademark b) Assets c) Patents d) Goodwill
7) Cash flow statement is prepared and presented for the period for which the profit and loss account is prepared.
a) AS-3 b) AS-10 c) AS-6 d) AS-2
8) The immediate recognition of loss is supported by principle of __________.
a) Conservatism b) Objective c) Matching d) Consistency
9) Brief explanation of an entry is called as _________.
a) Folio b) Narration c) Posting d) Journalising
10) An act of exchange of things or services between the two parties is termed as______.
a) Ledger b) Transfer c) Transaction d) Business