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Accounting
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Q2881

Consider the following statements:
A credit purchase during the accounting year which was not recorded in the books of account but included in the closing stock is to be:
I. added to the credit purchases account
II. added to the creditors account
III. subtracted from the closing stock
IV. added to the opening stock
Which of the statements given above is/are correct?

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Q2882

Bills are drawn by . . . . . . . .

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Q2883

When goods are purchased for the joint venture out of joint bank A/C the amount is debited to:

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Q2884

When furniture is sold for cash, the entry should be made in . . . . . . . .

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Q2885

While preparing the annual financial statements, the balance of rent account should be treated as the balance of a:

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Q2886

Bank overdraft account is a:

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Q2887

"Holding gains in relation to stocks should not be used for payment of dividend." Which one of the following accounting principles is involved in this?

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Q2888

The take over of a company in which most of the purchase price is paid with borrowed money is referred to as

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Q2889

Any revenue expenditure relating to special fund must be deducted from . . . . . . . .

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Q2890

Which one of the following statements is correct?

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Q2891

Which of the following is an error of commission?

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Q2892

The loss on the sale of old furniture is debited to

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Q2893

Match List-I (Items of expenditure and receipt) with List-II (Nature of expenditure and receipt) and select the correct answer using the options given below the lists:

List-I	List-II
a. Compensation paid to retrenched workers of the factory for the loss of service	1. Capital expenditure
b. Legal expenses incurred in connection with the purchase of a plot of land	2. Capital receipt
c. Compensation received from the government for the compulsory removal of a business premises to another place	3. Revenue expenditure
d. Sale proceeds of merchandise (goods)	4. Revenue receipt

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Q2894

Rebate on bills discounted is shown in the Balance Sheet as . . . . . . . .

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Q2895

The nominal value of preference shares to be redeemed can be provided out of . . . . . . . .

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Q2896

Which one of the following should be considered as a revenue expenditure?

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Q2897

A person who draws a bill of exchange is known as the:

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Q2898

Which of the following is not a case of combination?

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Q2899

The proprietor of a business is treated as a creditor for capital introduced by him according to:

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Q2900

Rs. 10,000 spent on the replacement of worn-out parts of an electronic machinery is treated as:

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