Q2921
Open questionLegal expenses in respect of claims of an insurance company is shown in . . . . . . . .
Select an option to see the answer and solution.
Commerce · all questionsAccounting
Accounting
practice.
Practice every MCQ with options. Use Show answers when you want the correct option and solution.
2,968
Questions
147/149
Page
Pick an option on a question to see the right answer and solution.
Q2922
Open questionWhere separate set of books are maintained, the ledger accounts required are . . . . . . . .
Select an option to see the answer and solution.
Q2923
Open question. . . . . . . . represents that part of discount received during the year by a bank which relates to the next accounting year.
Select an option to see the answer and solution.
Q2924
Open questionWhat is the correct sequence of the following in the preparation of periodical financial statements?
I. preparation of Balance sheet
II. preparation of Funds flow statement
III. preparation of Trial balance
IV. preparation of Profit/Loss statement
Select the correct answer from the options given below and mark your answer sheet accordingly
I. preparation of Balance sheet
II. preparation of Funds flow statement
III. preparation of Trial balance
IV. preparation of Profit/Loss statement
Select the correct answer from the options given below and mark your answer sheet accordingly
Select an option to see the answer and solution.
Q2925
Open questionCash book prepared on imprest system is:
Select an option to see the answer and solution.
Q2926
Open questionMatch List-I with List-II and select the correct answer using the options given below the lists:
| List-I (Accounting concept) | List-II (Principle involved) |
| a. Consistency | 1. Losses are anticipated and accounted for in advance but profits are not accounted for until realised. |
| b. Comparability | 2. All the relevant financial informations should be summarised and presented in the accounting statements. |
| c. Conservatism | 3. Accounting procedures in an entity should be followed uniformly from period to period. |
| d. Disclosure | 4. Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures. |
| 5. Personal Judgement of accountants should not influence accounting measurements. |
Select an option to see the answer and solution.
Q2927
Open questionDividend declared in between two annual general meeting is called . . . . . . . .
Select an option to see the answer and solution.
Q2928
Open questionGoods destroyed by fire should be credited to:
Select an option to see the answer and solution.
Q2929
Open questionUse of subsidiary books can be made by:
Select an option to see the answer and solution.
Q2930
Open questionDouble entry principle means:
Select an option to see the answer and solution.
Q2931
Open questionOn 1st January 1992 there was a balance of Rs. 4,000 in the plant and machinery account. An addition of Rs. 2,000 was made on 1st July 1992. Accounts were closed for the year on 31st December 1992. If depreciation was charged at 10% per annum, the balance in the plant and machinery account on the closing date would be:
Select an option to see the answer and solution.
Q2932
Open questionValuation balance sheet is prepared by . . . . . . . .
Select an option to see the answer and solution.
Q2933
Open questionWhile preparing P/L account, rebate on bills discounted to be provided shall be deducted from discount received in . . . . . . . .
Select an option to see the answer and solution.
Q2934
Open questionIf there is a prize fund and prizes are awarded, expenses and income are transferred to . . . . . . . .
Select an option to see the answer and solution.
Q2935
Open questionJournal Proper is meant for recording . . . . . . . .
Select an option to see the answer and solution.
Q2936
Open questionStock as on 5th January - Rs. 27,000; purchases between 31st December and 5th January - Rs. 700; cost of sales between 31st December and 5th January - Rs. 1,500 what was the stock on 31st December?
Select an option to see the answer and solution.
Q2937
Open questionThe payment side of the cash book is undercast by Rs. 200. When overdraft as per pass book is the starting point, to get the overdraft as per cash book . . . . . . . .
Select an option to see the answer and solution.
Q2938
Open questionWages paid to workers must be debited to . . . . . . . . account.
Select an option to see the answer and solution.
Q2939
Open questionThe convention of conservatism will have the effect of:
Select an option to see the answer and solution.
Q2940
Open questionInterest on debenture is . . . . . . . .
Select an option to see the answer and solution.