Which of the following concepts is accounting equation based?
(A)Entity concept
(B)Accrual concept
(C)Cost concept
(D)Double-entry concept
Ans: Double-entry concept

Equity in business represents ______
(A)Creditor\'s interest
(B)Debtor\'s interest
(C)Employees\' interest
(D)Ownership interest
Ans: Ownership interest

Which of the following instruments is used to inform the buyer how much is owed for the goods supplied?
(A)Order note
(B)Delivery note
(C)Receipt
(D)Invoice
Ans: Invoice

Equity in business represents ______
(A)Creditor\'s interest
(B)Debtor\'s interest
(C)Employees\' interest
(D)Ownership interest
Ans: Ownership interest

Which of the following concepts is accounting equation based?
(A)Entity concept
(B)Accrual concept
(C)Cost concept
(D)Double-entry concept
Ans: Double-entry concept

The caption
(A)Full disclosure
(B)Materiality
(C)Prudence
(D)Entity
Ans: Prudence

Given assets as #100,000 and liabilities as #40,000; determine the owners capital.
(A)#140,000
(B)#100,000
(C)#60,000
(D)#40,000
Ans: #60,000

Which of the following is an introductory segment of accounting?
(A)Ledger
(B)Trial balance
(C)Book keeping
(D)Suspense account
Ans: Book keeping

Which of the following is an introductory segment of accounting?
(A)Ledger
(B)Trial balance
(C)Book keeping
(D)Suspense account
Ans: Book keeping