i. Surplus of income over expenses is _______  (a) Profit  (b) Deficit  (c) Loss  (d) Financial Statements

Select the most appropriate alternatives from those given below and rewrite the statement:

i. Surplus of income over expenses is _______ 

(a) Profit 

(b) Deficit 

(c) Loss 

(d) Financial Statements

ii. In _________ basis of accounting, actual cash receipts and actual cash payments are recorded.

(a) Accrual 

(b) Hybrid 

(c) Cash 

(d) Mercantile

iii. Amount which is not recoverable from customer is known as _________

(a) Bad Debts 

(b) Debts 

(c) Debtors 

(d) Doubtful debts

iv. Accounts must be honestly prepared and they must disclose all material information is known as _____________ 

(a) Entity Concepts 

(b) Dual Aspect Concept 

(c) Disclosure Concept 

(d) Cost Concept

v. A commodity in which a trader deals is known as _____________ 

(a) Goods 

(b) Income 

(c) Property 

(d) Expenditure