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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 2984While 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
2332In 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.
2483Fundamental accounting assumptions are (a) Materiality. (b) Business entity. (c) Going concern. (d) Dual aspect
1935Which 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
2643Which 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 8069Which 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 5302Discount 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 9151Loss on issue of debentures is treated as ____________. (a) Intangible asset (b) Current asset (c) Current liability (d) Miscellaneous expenditure
CPT,
2 14764We 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 3929Dividends are usually paid as a percentage of ______ (a) Authorized share capital (b) Net profit (c) Paid-up capital (d) Called-up capital
3 18730Post New Accounting General Questions
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While 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
WE PURCHASED ONE ASSET,HOW CAN WE CALCULATE EXCISE DUTY,VAT,SERVICE TAX?[IN CASE OF SELLING PURPOSE OR OWN PURPOSE].SHALL WE CLIME CREDIT ON THAT?THEN HOW?
How do you maintain accounting accuracy?
I am a Leaving Cert Student. From Solutions to exam questions etc. I know what to do with the following adjustment but I cannot explain why. A thypical Adjustment is: A building is acquired for €60000 plus VAT at 10%. The amount paid to the Vendor was entered in the Buildings Account. No entry made in the VAT account. Could you explain why the VAT amount is deducted from the VAT amount in the TB? And why it is sometimes an Asset in the BS. Thank you, Mary
If the company acquires equipment prior to incorporation what are the accounting entries?
i wana give an interview as sr. excise officer what r the question will asked by interviewer ??? Please suggest me so I can clear inteview.thank u
