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Accounting
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Q2741

Assertion (A): The matching concept requires that costs should be recognised as expenses in the period in which revenue is realised
Reason (R): There may not be a matching between expenditure and expense over a short period
In the context given above, which one of the following is correct?

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Q2742

The profit on re-issue of shares is transferred to . . . . . . . .

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Q2743

Money measurement concept of accounting theory is based on the assumption that the value of money will:

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Q2744

Premium received on issue of shares is a . . . . . . . .

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Q2745

In which of the following methods, the asset account appears at its original cost through out its life?

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Q2746

The balance left in the capital accounts on dissolution of a firm is transferred to

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Q2747

Errors of principle arise when . . . . . . . .

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Q2748

Insurance unexposed account is a . . . . . . . .

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Q2749

Consider the following statements:
I. In case of the marine insurance, the insurable interest must exist at the time the loss occurs
II. In case of fire insurance, insurable interest must exist both at the time of the contract and at the time of loss
Which of the statements given above is/are correct?

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Q2750

Debit balance in cash book means:

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Q2751

Purchase of machinery is recorded in:

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Q2752

Wages paid for erection of machinery are debited to . . . . . . . .

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Q2753

In the case of marine insurance reserve for unexpired risk is . . . . . . . .

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Q2754

Depreciation Accounting is a process of:

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Q2755

Which of the following accounts will invariably have a credit balance?

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Q2756

Insurance Act came in to effect in . . . . . . . .

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Q2757

The following figures are taken from a balance sheet:
Equity share capital = Rs. 1,10,000
6% preference share capital = Rs. 30,000
General reserve = Rs. 50,000
Reserve for contingencies = Rs. 20,000
6% mortgage debentures = Rs. 50,000
Sundry creditors = Rs. 20,000
Preliminary expenses = Rs. 5,000
Prepaid expenses = Rs. 4,000
In this case, the debt equity ratio is:

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Q2758

A business concern provides the following details-
Cost of goods sold = Rs. 1,50,000
Sales = Rs. 2,00,000
Opening stock = Rs. 60,000
Closing stock = Rs. 40,000
Debtors = Rs. 45,000
Creditors = Rs. 50,000
The concerns, purchses would amount to (in Rs.):

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Q2759

If,
Capital at the end = Rs. 7,000
Capital introduced = Rs. 5,000
Drawings = Rs. 8,000
Loss = Rs. 10,000
Then capital in the beginning is equal to:

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Q2760

The accumulated losses and fictitious assets of the transferor company are transferred to . . . . . . . . a/c.

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