Based on which concept are financial statements prepared?

1.Bank charges of 260 taka were mistakenly debited as 620 taka in the cash book. What will be the amount of discrepancy between the cash book and bank statement balance due to this?

2.The cost of goods sold for a firm is 5,40,000 taka. Its closing stock is valued at 35,000 taka and opening stock at 25,000 taka. What is the purchase price for the current year?

3.According to the accounting cycle, preparing the trial balance is called-

4.The effect of asset depreciation is-

5.Acquisition of fixed assets is called-

6.Determine the actual value of the closing stock

7.VAT is included in the sales price. What type of account is VAT?

8.Which of the following is a non-cash transaction?

9.Interest receivable on investment is what type of account?

10.What will be the gross profit for China Traders?

11.Which one is called the warehouse of transactions?

12.For providing services to customers, the bank deducts- i. Commission ii. Bank charges iii. Dividend Which of the following is correct?