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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 2818While 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
2234In 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.
2369Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
1832Which 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
2530Which 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 7877Which 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 5016Discount 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 8910Loss on issue of debentures is treated as ____________. (a) Intangible asset (b) Current asset (c) Current liability (d) Miscellaneous expenditure
CPT,
2 14492We 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 3763Dividends are usually paid as a percentage of ______ (a) Authorized share capital (b) Net profit (c) Paid-up capital (d) Called-up capital
3 18448Post New Accounting General Questions
how to pass this entry in tally? Dear Sir, I have just started learning tally . I am practicing tally. and I am following 11th Std book for practicing. Please help me with the following entry. I know dr and cr part but having problem in grouping. Please Help. Introduced goods of Rs 10,000, cash Rs 15,000, furniture Rs 5000, debtors of Rs 1000 and commenced business. What will be the entry and group for each ledger. Please Help.
Explain have you ever heard about tds, what it is?
Why we debit expenses and credit incomes ?
Unrealised profit will be debited to ?
What is fitting and fixtures?
what is the performa of bank reconcilation ? i want to need it and also i want to know about tds entry for various sources such as rent,contractor, commission, etc. and how we make the tds return, please tell me its very urgent?
What is meant by partitioning?
What is the difference between perpetual and periodic inventory systems?
what is the meaning of 4X and 10X value in intraday market?
Q1.How depreciation deffer from depletion? Q2.show the main benefit from calculating and recording depreciation.
Do you think there is any difference between inactive and dormant accounts?
WHAT ABOUT YOUR SELF IN ACCOUNTING SYSTEM
Do you know what is double-entry accounting? Explain with an example?
were you happy with the grades you achieved at a-level?
What is the difference between personal account real account and nominal account?
