- Profit and Loss A/c
- Trading A/c
- Deducted from the concerned assets A/c
- Shown on the liability side
Correct Answer is:
Profit and Loss A/c
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- 17,000 (overstated.
- 12,000 (understated.
- 7,000 (overstated.
- 7,000 (understated.
Correct Answer is:
7,000 (overstated.
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- Identification of economic event
- Communication of financial information
- Recording financial information
- Making decisions about business
Correct Answer is:
Communication of financial information
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- Current asset
- Fictitious asset
- Tangible asset
- Fixed assets
Correct Answer is:
Fixed assets
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- Recording
- summarizing
- Grouping
- Processing
Correct Answer is:
Recording
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- Increase in capital
- Remain the same
- Decrease in capital
- No effect on capital
Correct Answer is:
Decrease in capital
|
|
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- Lump sum
- Prompt
- Actual
- None of them
Correct Answer is:
Lump sum
B. Prompt
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- The Trial Balance will not agree
- The balance of creditors is understated
- The purchases are understated
- The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book
Correct Answer is:
The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book
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- Benefits the current accounting period
- Will benefit the next accounting period
- Results in the acquisition of a permanent asset
- Results in the acquisition of a current asset
Correct Answer is:
Results in the acquisition of a permanent asset
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- Increase
- Reduce
- apportion
- Overstate
Correct Answer is:
Reduce
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- Arithmetic accuracy
- Errors of commission
- Omissions of economic events
- Understatements of balances
Correct Answer is:
Arithmetic accuracy
|
|
|
- Masood’s account
- Cash account
- Cash account and Gagan’s account
- None of these
Correct Answer is:
Masood’s account
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- Subtracted from bank balance
- Added to bank balance
- Added to Cash book balance
- Subtracted from cash book balance
Correct Answer is:
Added to bank balance
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