+1 Accountancy Previous questions and Answers - Chapter 1
2022 Imp 58. A person to whom the business owes money is called (1) (a) Debtor (b) Creditor (c) Manager (d) Partner Ans. (b) Creditor 57. Decrease in the value of intangible asset is known as (1) (a) Depletion (b) Fluctuation (c) Appreciation (d) Amortization Ans. (d) Amortization 56. State the qualitative characteristics of accounting information. (2) Ans. 1) Reliability 2) Relevance 3) Understandability 4) Comparability 20...