Commerce Accountancy

Accounting Principles and Practices

2,416 Questions

Accounting principles and practices involve the preparation of trial balances, ledgers, and bank reconciliation statements. This area tests your knowledge of fundamental accounting concepts and routine business transactions. It is a core section in commerce exams and various competitive tests.

Ledger accountsTrial balance preparationBank reconciliation statementAccounting conceptsPrimary books of accounts

Accounting Principles and Practices Questions

Multiple choice

Which of the following is not a common financial statement used to evaluate the financial performance of a fashion merchandising business?

  1. Income statement

  2. Balance sheet

  3. Cash flow statement

  4. Statement of retained earnings
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Statement of retained earnings is not a common financial statement used to evaluate the financial performance of a fashion merchandising business. Income statement, balance sheet, and cash flow statement are more commonly used.