The question requires determining which statement about accounting is correct. Let's evaluate each of the given options:
Thus, the correct answer is: A ledger is known as the principal book of accounts.
______ is the cost of use of things or services for the purpose of generating revenue.
______ states that accounting report must belong to a common period and use common unit of measurement and format of reporting.
Which of the following accounting concept eliminates personal biasedness and helps in achieving results that are comparable?
Which of the following given statements are CORRECT?
I. Increase in revenue/gain is credited.
II. Increase in capital is credited.
III. Increase in expenses is debited.
IV. Increase in liabilities is credited.
Which of the following statements are FALSE?
I. Cash receipts are entered on the credit side of cash book.
II. Credit purchase of a land is entered in purchase journal.
III. Ledger is a subsidiary book.
IV. Petty cash book is a book having record of small payments.