Accounting Exam Review #### **MCQs Section (Total: 14 Questions)** * **Discount Received:** Recorded by the buyer *(Seller records it as 'Discount Allowed')*. * **Administrative Expenses:** Office staff salaries. * **Unfavourable balance in Depositor's account:** Liability (Bank Overdraft). * **Unfavourable balance in Pass book (Bank's perspective):** Asset *(Money receivable from customer)*. * **Possessions and Properties:** Real Account. * **Cash Transaction:** Question was about cash movement. * **Statement for Financial Health:** Statement of Financial Position (Balance Sheet). * **Traditional Approach:** T-Account style. * *Baki main MCQs bhul gai.*???? #### **Subjective Section** * **Short Q1:** Explanation of **Separate Entity Concept** with examples. * **Short Q2:** Identifying