I.Com Part 1 Principles of Accounting chapter 1 Short Question Preparation


11th Class Principles of Accounting
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Online Short Questions For Chapter 1 "ICOM Part 1 Principles of Accounting Chapter 1 Short Question Preparation "

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Principles of Accounting - ICOM Part 1 Principles of Accounting Chapter 1 Short Question Preparation

Question # 1

What is meant by accounting period?

  • Ans 1: The time or period covered by a financial account or statement is termed as accounting period.
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Prepare Complete Set Wise Questions For Chapter 1 "ICOM Part 1 Principles of Accounting Chapter 1 Short Question Preparation "

ICOM Part 1 Principles of Accounting Chapter 1 Short Question Preparation - Set 1

Question # 1

What is meant by accounting period?

  • Ans 1: The time or period covered by a financial account or statement is termed as accounting period.
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ICOM Part 1 Principles of Accounting Chapter 1 Short Question Preparation - Set 2

Question # 1

Explain the cash basis system of accounting.

  • Ans 1: It is a system in which accounting entries are made only when cash is received or paid.
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ICOM Part 1 Principles of Accounting Chapter 1 Short Question Preparation - Set 3

Question # 1

Define discount.

  • Ans 1: Any deduction allowed by the seller to the purchases of the goods or merchandise is called discount,There are two types of discount viz trade discount and cash discount,.
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Principles of Accounting
1st Chapter

11th Class Principles of Accounting Chapter 1 Preparation

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