Financial Accounting 1) Aim of Financial Accounting is to provide financial info to a) Shareholders b) Board Of Directors c) Tax Regulators d) Many of these. 2) Based on the Money Measurement concept, the next will be noted in the ebooks of accounts a) Top quality Control in corporate b) Percentage Payable to salesmen c) Extra earnings made because of introduction of Budgetory Control System d) All of these. 3) A supply is a a) General Arrange b) pecific Reserve c) Capital Arrange d) non-e of these. 4) Market value of Investments can be shown being a Footnote to Balancesheet as per a) Regularity concept b) Disclosure principle c) Materiality concept d) Going Concern 5) Which will of the followings is Functioning Expense? a) Bad debts b) Salary of General Supervisor c )Expired Insurance d) All of the above. 6) A business has assets Rs. 55826/-& Owner's Equity Rs. 14150/-What is the aufgabe. of Liabilities? a) Rs. 41676/b) Rs. 57522/c ) Rs. 44312/d) None of these.
Financial obligations of business are Rs. 11220/-& Owner's Equity Rs. 15000/-What is definitely the assets in the business? a) Rs. 11220 b )Rs. 3780 c) Rs. 15000 d) Rs. 26220
Contengent The liability is displayed due to a) Convention of full Disclosure b) Conference of Convertism c )Convention of Substantialness d) Dual aspect Idea.
Cartage paid in purchase of a brand new machine is definitely debited to a) Cartage a/c b) P& L a/c c) Machine a/c d) Trading a/c
Rs. 15000/-Custom duty paid on import of a machines for modernization of a stock production through the current season & Rs. 5000/- paid as importance duty on purchase of natural material. Precisely what is the len. Of capital expenditure? a) Rs. 15000/b) Rs. 5000/c) NIL d) Rs. 20000/-
Aufgabe. received by subletting a part of the office building is a income receipt, What is the invoice of Government. Grant pertaining to construction? a) Misc. Receipt b) Trade Receipt c) Cash Invoice d) Capital Receipt
Huge Product sales promotion costs is a Deffered Revenue Expenses, What is most likely the realization from your sale of Government. Securities? a) Misc. Invoice b) Transact Receipt c) Cash Receipt d) Capital Receipt
Revenue as a result of the use simply by others of enterprise assets yielding curiosity should be recognized on a) Time portion basis b) Accrual basis c) Actual Receipt basis d)When the right to revenue payment is established.
In the case of sale on the consignment basis, income should be known on a) When items are received by the consignee b )When advance payment is received against the consignment c) When ever goods are offered by retenue to third party d) The moment consignee provides settled full & last payment associated with consignment.
In the case of support transactions, When performance involves the delivery of a 44single act, Earnings recognition occurs by A )Accrual B) In proportion Completion c) Consistency d) Completed Services Contract Approach.
Total of the Revenue Book pertaining to March implies a) Total sales pertaining to the month b) Total credit product sales for the month c) Total funds sales intended for the month d)Total revenue less sales returns. The debts W/off as Negative, if consequently recovered happen to be credited to a) Borrowers a/c b) Sales air-conditioning c) P& L airconditioning d) Money owed a/c
Ramlal a Debtor of Rs. 2000 became insolvent & a dividend of 50%is declared by official recipient for which accunting entry could be a) Money owed a/c Doctor Rs. a thousand b) Funds a/c Doctor Rs. 1000 To Debtors a/cRs. 1000 To Borrowers a/cRs. one thousand c) Funds a/c Doctor Rs. 1000 d) Debt a/c Doctor Rs. multitude of To BadDebts a/c Rs. 1000 To P& T a/c Rs. 1000
Bank Reconciliation Statement is definitely prepared by a) Customers of the Bank b) Bank c) Proprietors from the business d) Tax Authorities.
An Entry of Rs. 500/-was wrongly posted to wages a/c rather than Machinery a/c which is an error of a) Error of Ommission b) Commission Mistake c) Error of Rule d) Compensating
Getting Office Furniture on a/c is to be recorded in a) Buy Book b) Journal Right c) Cash Book d) Bills Payable Book...