Home › CBSE Class 11 (Commerce) › Accountancy › Introduction to Accounting › Identified and measured events are recorded in w…
Identified and measured events are recorded in which order?
AChronological order
BOrder of amount
CAlphabetical order
DOrder of importance
Answer & Solution
Correct answer: A. Chronological order
Recording is done in books of account in monetary terms and in the order in which events occurred.
Related questions
A trader sells stationery worth Rs 1,00,000 on credit to Mr. Ravi. Mr. Ravi is aMr. Sunrise starts with Rs 5,00,000, buys stationery worth Rs 1,50,000 from Mr. Peace on cSundry creditors are shown in the balance sheet on thePersons who owe the firm money for goods bought on credit areClosing stock of a manufacturing company comprises raw materials, finished goods andUnsold goods lying with a trader at the end of the period are calledTotal goods procured for use or sale, on cash and credit, are calledWithdrawal of cash or goods by the owner for personal use is