Financial Accounting MCQs

For every debit there will be an equal creditaccording to

Mr. X is a dealer in electronic goods (refrigerator, washing machine, air conditioners, televisions, etc.) He purchased two air conditioners and installed in his showroom. In the books of X the cost two air conditioners will be debited to

Which of the following is not a nominal Account?

Valuation of stock in accounting follows the principle of cost price or which ever is lower

If nothing is written about the accounting assumption to be followed it is presumed that

As per accrual concept, which of the followings is not true

Which of the following factor is not considered while selecting accounting policies?

The nature of financial accounting is:

Provision for discount on debtors is calculated on the amount of debtors

Change in the capital A/c of proprietor may occur due to