On settlement of the vendors account, the correct accounting entries are debit vendor account and credit

The person or firm that sells its business to another firm or company is referred to as

_____ is the blending together two or more existing companies into one

A manufacturing account records the administrative expenses and the finance expenses of the business

It guides how the expenses should be matched with revenue for determining exact profit or loss for a particular period.

A ______ is an artificial person which is recognized in law as a separate legal entity

The document that contains the regulation which governs the internal management of the company’s affairs is

The firm that acquires a business and sell it to another company for profit is

This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities

_____ is the excess of the purchase consideration over the net value of assets

If all the business transactions are expressed in monetary terms, it will be easy to understand the accounts prepared by the business enterprise.

Which side does Discount Allowed belong?

The following are objectives of amalgamation EXCEPT

The loss on sale of furniture is debited to ........... account

According to the concept of conservation, the stock-in-trade is valued at:

According to this convention the accounting practices should remain unchanged from one period to another.

The system of acquiring a business as a going concern by another business is (a) business consideration (b) goodwill (c) redemption reserve (d) purchase of business.