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Financial and Management Accounting - Financial and Management Accounting Questions

51:  
In Accounting equation approach for recording business transactions all accounts are divided into three categories, namely
A.

Personal, Real and Nominal

B.

Assets, Liabilities and Capital

C.

Expenditure, Revenue and Loss

D.

None of the above

 
 

Option: B

Explanation :

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52:  
Which of the following principles is not related to the preparation of profit and loss account?
A.

Accounting period concept

B.

Accrual concept

C.

Matching concept

D.

Dual aspect concept

 
 

Option: D

Explanation :

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