Accounting Introductory Aspects MCQ Set

Unit-1: Accounting: Introductory Aspects Total Question = 7 1. The process of accounting involves recording, classifying and summarizing of past occurrences of financial nature. 2. Cost concept implies that in accounting, all transactions are generally recorded at purchase price and not at market price. 3. Total Liabilities = Shareholder’s Equity + External Liability. 4. Institute…

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