5 Questions
What is the surplus of income over expenses known as?
Profit
Which concept requires accounts to be honestly prepared and disclose all material information?
Disclosure Concept
What is the amount not recoverable from customers known as?
Bad Debts
What is a commodity in which a trader deals known as?
Goods
In which basis of accounting are actual cash receipts and actual cash payments recorded?
Cash
Test your knowledge of fundamental accounting principles with this multiple-choice question bank for B.Com Part I Sem. I. Assess your understanding of concepts like income, expenses, cash basis accounting, and uncollectible amounts. Ideal for students preparing for their accountancy paper.
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