The point at which Total Revenue equals Total Cost is known as: MCQ with Answer and Explanation
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Question #1
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Under the 'Cash Basis' of accounting, outstanding expenses are:
Correct Answer: Option C
Explanation:
Cash basis only records cash transactions, so outstanding expenses are ignored.
Cash basis only records cash transactions, so outstanding expenses are ignored.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is an example of a personal account?
Correct Answer: Option D
Explanation:
Ramesh's Account represents a specific person, making it a personal account. The rule is 'Debit the receiver, credit the giver'.
Ramesh's Account represents a specific person, making it a personal account. The rule is 'Debit the receiver, credit the giver'.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The system of accounting where revenue is recognized only when cash is received is:
Correct Answer: Option D
Explanation:
Under the cash basis of accounting, transactions are recorded strictly upon the actual receipt or payment of cash.
Under the cash basis of accounting, transactions are recorded strictly upon the actual receipt or payment of cash.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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