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1. RPC Ltd. follows the written down value method of depreciating machinery year after year due to (a) Comparability. (b) Convenience. (c) Consistency. (d) All of the above.
1 2894While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result (a) Previous year’s profit is overstated and current year’s profit is also overstated (b) Previous year’s profit is understated and current year’s profit is overstated (c) Previous year’s profit is understated and current year’s profit is also understated (d) Previous year’s profit is overstated and current year’s profit is understated
2285In the absence of any provision in the partnership agreement, profits and losses are shared (a) In the ratio of capitals. (b) Equally. (c) In the ratio of loans given by them to the partnership firm. (d) None of the above.
2431Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
1874Which of the following errors are not revealed by the Trial Balance: (a) compensating errors; (b) errors of commission; (c) wrong balancing of an account; (d) wrong totalling of an account
2576Which of the following are of capital nature? (a) Purchase of a goods (b) Cost of repair (c) Wages paid for installation of machinery (d) Rent of a factory
2 7981Which of the following statement is not true: (a) If del-creder’s commission is allowed, bad debt will not be recorded in the books of consignor (b) If del-creder’s commission is allowed, bad debt will be debited in consignment account (c) Del-creder’s commission is allowed by consignor to consignee (d) Del-creder’s commission is generally relevant for credit sales
2 5183Discount on issue of debentures is a __________ (a) Revenue loss to be charged in the year of issue (b) Capital loss to be written off from capital reserve (c) Capital loss to be written off over the tenure of the debentures (d) Capital loss to be shown as goodwill
3 9025Loss on issue of debentures is treated as ____________. (a) Intangible asset (b) Current asset (c) Current liability (d) Miscellaneous expenditure
CPT,
2 14612We had billed to a Customer Rs. 50000/- he paid 45000 to us n not paying balance 5000/- how and where to enter Rs. 5000/- Is it bad debt...
1 3851Dividends are usually paid as a percentage of ______ (a) Authorized share capital (b) Net profit (c) Paid-up capital (d) Called-up capital
3 18579Post New Accounting General Questions
Do you know public accounting?
Is the shadow balance present in bank account always credited or bank may reverse it as well?
Tell me the meaning of long-term notes payable is or long term liabilities?
Let me know the liability positions of Partners
as muthoot finance is a finance co,so what would be pattern of asking in relation to finance and a/c question?will it be basic or general or it would be market related situation?plz if help me anybody...
When we received payment from creditors
i need clarification about tds will be calculate before deductions or after deductions on gross salary+incentive
What is royalty reserve?
can any one send me tally professional version link
What else ? This is the question asked to me every where every time while facing interview. I want to know is this a real question for accounting? If yes haw or if no How? I am really confuse.
Capital reserve is - a) real account b) nominal account c) personal account d) none of them
Can you send me advertisement format for lost of E-1 form. kindly do the needful urgently. Thanks AP
Explain what is bad debt expense?
What are negative postings?What are Credit memos ?Payment Requests ?
whats the sales tax slab and company's turnover professional tax slab
