Basic Accounting TermsMatch the financial events with relevant accounting terms.Financial EventAccounting terms(A) You have raised ₹50 crores from investors.1. Equity(B) You have taken a loan of ₹70 crores from the bank, which is to be repaid after 7 years.2. Income(C) You have made a sale worth ₹20 crores3. Expense(D) The cost of the raw material used in your manufacturing processes was ₹15 crores. 4. LiabilityA1, B2, C3, D4A1, B4, C2, D3A4, B1, C2, D3A3, B1, C3, D4

Any business event that is measurable in terms of money and can also be recorded in the account books is called _________.AssetsOwner’s equityTransactionNone of the above

Accountants refer to an economic event as a A. Purchase B. Sale C. Change in ownership. D. Transaction

Cost accounting is primarily concerned with:a.Recording financial transactionsb.Managing company assetsc.Determining the cost of productiond.Analyzing market trends

Preparing financial statements on the basis of recognising transactions when they occur is referred to as:financial accounting.management accountingaccrual accounting.cash accounting.

Under the accrual basis of accounting, revenues are reported in the accounting period when the