The first step in accounting process is___________?

Related Mcqs:

For which step of accounting process the accountants of business entity prepare financial statements?

A. Identification of economic event B. Communication of financial information C. Recording financial information D. Making decisions about business...

Capital of a business decreases if there is an increase in___________?

A. Drawings B. Income C. Gains D. Fresh capital...

Buildings account is debited with an amount towards repairs. This is an example of?

A. Error of commission B. Error of principle C. Error of omission D. Compensating error...

The adjustment to be made for prepaid expenses is____________?

A. Add prepaid expenses to respective expenses and show it as an asset B. Deduct prepaid expenses from respective expenses and show it as an asset C. Add prepaid expenses to respective expenses and show it as a liability D. Deduct prepaid expenses from respective expenses and show it as a liability...

Arrangement of Balance Sheet in a logical order is known as __________?

A. Dressing Balance Sheet B. Marshalling Balance Sheet C. Formatting Balance Sheet D. Make up of Balance Sheet...