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Class XII Accountancy

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Questions and Answers

Which of the following is a fundamental accounting principle?

Revenue recognition

Conservatism

Profit maximization

Economic entity assumption (correct)

What is the purpose of a trial balance?

To calculate the total assets of a business

To determine the net income or loss

To identify errors in the accounting records (correct)

To prepare financial statements

Which financial statement reports the financial position of a company at a specific point in time?

Balance sheet (correct)

Statement of cash flows

Income statement

Statement of changes in equity

Class XII Accountancy

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Podcast

Questions and Answers

Which of the following is a fundamental accounting principle?

What is the purpose of a trial balance?

Which financial statement reports the financial position of a company at a specific point in time?

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