{"id":54595,"date":"2024-04-16T00:12:51","date_gmt":"2024-04-16T00:12:51","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=54595"},"modified":"2024-04-16T00:12:51","modified_gmt":"2024-04-16T00:12:51","slug":"match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/","title":{"rendered":"Match the following List I List II a. Revenue means the income of a . . . . . . . . nature. 1. Fixed assets b. Premium paid on the life insurance policy of the proprietor will be debited to . . . . . . . . account. 2. Regular c. Going concern concept is relevant for . . . . . . . . 3. Matching d. Recognition of cost in the same period as associated revenues is called . . . . . . . . principle. 4. Drawings"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a97fe9984ea7\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    a-4, b-3, c-2, d-1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    a-2, b-3, c-4, d-1                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"true\">\r\n                    a-2, b-1, c-4, d-3                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    a-2, b-4, c-1, d-3                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is C.<\/p>\n<p>a. Revenue means the income of a <strong>regular<\/strong> nature.<\/p>\n<p>Revenue is income that a company receives from its normal business activities. It is usually recorded in the income statement as a single line item, but it can be broken down <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n     <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>            <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> into different categories, such as sales revenue, service revenue, and interest revenue.<\/p>\n<p>b. Premium paid on the life insurance policy of the proprietor will be debited to <strong>Drawings<\/strong> account.<\/p>\n<p>Drawings are the amounts of money that a business owner takes out of the business for personal use. They are recorded in the owner&#8217;s equity section of the balance sheet as a decrease in the owner&#8217;s capital account.<\/p>\n<p>c. Going concern concept is relevant for <strong>businesses<\/strong>.<\/p>\n<p>The going concern concept is the assumption that a business will continue to operate for the foreseeable future. This assumption is important because it allows businesses to use historical costs to value their assets and liabilities.<\/p>\n<p>d. Recognition of cost in the same period as associated revenues is called <strong>matching principle<\/strong>.<\/p>\n<p>The matching principle is an accounting principle that requires businesses to recognize expenses in the same period as the revenues that they generate. This principle helps to ensure that businesses report accurate financial information.<\/p>\n<p>Here is a table that summarizes the correct answers:<\/p>\n<p>List I | List II<br \/>\n&#8212;&#8212;- | &#8212;&#8212;&#8211;<br \/>\na. Revenue | regular<br \/>\nb. Premium paid on the life insurance policy of the proprietor will be debited to | Drawings<br \/>\nc. Going concern concept is relevant for | businesses<br \/>\nd. Recognition of cost in the same period as associated revenues is called | matching principle<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Match the following List I List II a. Revenue means the income of a . . . . . . . . nature. 1. Fixed assets b. Premium paid on the life insurance policy of the proprietor will be debited to . . . . . . . . account. 2. Regular c. Going concern concept is relevant for . . . . . . . . 3. Matching d. Recognition of cost in the same period as associated revenues is called . . . . . . . . principle. 4. Drawings<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Match the following List I List II a. Revenue means the income of a . . . . . . . . nature. 1. Fixed assets b. Premium paid on the life insurance policy of the proprietor will be debited to . . . . . . . . account. 2. Regular c. Going concern concept is relevant for . . . . . . . . 3. Matching d. Recognition of cost in the same period as associated revenues is called . . . . . . . . principle. 4. Drawings\" \/>\n<meta property=\"og:description\" content=\"Join Our Telegram Channel Subscribe on YouTube\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:12:51+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Match the following List I List II a. Revenue means the income of a . . . . . . . . nature. 1. Fixed assets b. Premium paid on the life insurance policy of the proprietor will be debited to . . . . . . . . account. 2. Regular c. Going concern concept is relevant for . . . . . . . . 3. Matching d. Recognition of cost in the same period as associated revenues is called . . . . . . . . principle. 4. Drawings","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/","og_locale":"en_US","og_type":"article","og_title":"Match the following List I List II a. Revenue means the income of a . . . . . . . . nature. 1. Fixed assets b. Premium paid on the life insurance policy of the proprietor will be debited to . . . . . . . . account. 2. Regular c. Going concern concept is relevant for . . . . . . . . 3. Matching d. Recognition of cost in the same period as associated revenues is called . . . . . . . . principle. 4. Drawings","og_description":"Join Our Telegram Channel Subscribe on YouTube","og_url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:12:51+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/","url":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/","name":"Match the following List I List II a. Revenue means the income of a . . . . . . . . nature. 1. Fixed assets b. Premium paid on the life insurance policy of the proprietor will be debited to . . . . . . . . account. 2. Regular c. Going concern concept is relevant for . . . . . . . . 3. Matching d. Recognition of cost in the same period as associated revenues is called . . . . . . . . principle. 4. Drawings","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T00:12:51+00:00","dateModified":"2024-04-16T00:12:51+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/match-the-following-list-i-list-ii-a-revenue-means-the-income-of-a-nature-1-fixed-assets-b-premium-paid-on-the-life-insurance-policy-of-the-proprietor-will-be-debited-to\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"mcq","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/"},{"@type":"ListItem","position":3,"name":"accounting","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/mcq\/accounting\/"},{"@type":"ListItem","position":4,"name":"Match the following List I List II a. Revenue means the income of a . . . . . . . . nature. 1. Fixed assets b. Premium paid on the life insurance policy of the proprietor will be debited to . . . . . . . . account. 2. Regular c. Going concern concept is relevant for . . . . . . . . 3. Matching d. Recognition of cost in the same period as associated revenues is called . . . . . . . . principle. 4. Drawings"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d97f17072bfa490596c8f78363955d55?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/54595"}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=54595"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/54595\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=54595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=54595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=54595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}