The accounts that records expenses, gains and losses are
Money owed from an Outsider is a :
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No inference of profit and the provision making policy for all possible losses is due to:
The Accounting Equation is based on:
During life- time of an entity accountants prepare financial statements at arbitrary points of time as per:
The owner of a company included his personal medical expenses in the company’s income statement. Indicate the principle that is violated.
Capital as on 1-4-05: Rs. 90,000
Capital introduced: Rs. 25,000
Drawings made: Rs. 35,000
Capital as on 31-3-06: Rs. 1,25,000
What is the amount of profit added to the Capital?
“Holding gains in relation to stocks should not be used for payment of dividend.” Which one of the following accounting principle is involved in this?
________refer to the general agreement on the usage and practices in social or economic life:
Fundamental Accounting Assumptions are:
Recording of capital contributed by the owner as liability ensures adherence of principle of
Ram starts business with Rs. 90,000 and then buys goods from Shyam on credit for Rs. 23,000. The accounting equation based on Assets= Capital + Liabilities will be:
Which financial statement represents the accounting equations
ASSETS = LIABILITIES + OWNER’S EQUITY
Which of these is not fundamental accounting assumption?
Accounting does not record non-financial transactions because of :
Kanika Enterprises follows the written down value method of depreciating machinery year after year due to
Cash of Rs. 2,000 is withdrawn for personal expenses. This will be debited to which account:
If nothing is written in the financial statements about the three fundamental assumptions, then it could be pressured that:
A trader started retail business. During the year he sold goods worth Rs. 60,000 and for Rs.1,20,000 out of which only Rs. 1,00,000 was collected during the year. He had a closing stock of Rs. 10,000. His other business expenses for the period were Rs.20,000 out of which Rs.5,000 was outstanding at year end His total profit for the year 2008-09 as per the terms of accrual concept was
Which of the following is not regarded as the fundamental concept that is identified by AS-1
What is the effect on the Net Assets if cash is received from debtors of Rs. 50,000?
According to which concept the owner of an enterprise pays the “interest on drawings”?
Which of the following does not follow Dual Aspect?
According to accrual concept of accounting, financial or business transaction is recorded:
An asset was purchased for Rs. 6,60,000. Cash was paid Rs. 1,20,000 and for the balance a bill was drawn for 60 days. What will be the effect on fixed assets?
What is the objective of conservatism ?
All the following items are classified as fundamental accounting assumption except
The obligations of an enterprise other than owner’s fund are known as:
Cost concept basically recognizes
68 videos|160 docs|83 tests
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68 videos|160 docs|83 tests
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