Assertion (A): Personal transactions of the business owners are not recorded in the books.
Reason (R): According to the business entity concept, each business enterprise is considered an accounting unit separate from owners.
A. Both (A) and (R) are correct, and (R) is the correct explanation of (A)
B. Both (A) and (R) are correct, but (R) is not the cor rect explanation of (A)
C. (A) is correct, but (R) is incorrect
D. (A) is incorrect, but (R) is correct
Answer: Option A
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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