Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts.
Q1: Working Capital is _____ ?
(a) Current Assets + Current Liabilities
(b) Current Assets / Current Liabilities
(c) Current Assets – Current Liabilities
(d) Current Assets * Current Liabilities
Ans : C
Q2: Process of Recording financial data upto trial balance is ___ ?
(a) Accounting
(b) Book – Keeping
(c) classifying
(d) None
Ans : b