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1. X purchased goods for AED 2000/- on 15 days credit. In this  transaction cash A/c tobe reduced by AED 2000/- False True

1. X purchased goods for AED 2000/- on 15 days credit. In this  transaction cash A/c tobe reduced by AED 2000/- False True

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. X purchased goods for AED 2000/- on 15 days credit. In this  transaction cash A/c tobe reduced by AED 2000/-

False
True


2. All the expenses Pertaining to the revenue of that period is considered as per

a).Entity concept
c). Matching concept
d). Going concern concept
b). Accrual Concept
 
 

3. Inflation effect in the transaction is ignored as per the

Matching principle
Dual aspect concept
Monetary concept
Going concern concept
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