Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable?
(a) Business Standards
(b) Accounting Standards
(c) Market Standards
(d) None of these
Cash a/c is a ______
(a) Real a/c
Securities premium used for the purpose of
(b) fully paid bonus shares
(c) capital loss
(d) none of these
Liability on bills discounted at the time of final accounts is treated as ____
(a) not an liability
(b) current liability
(c) differed liability
(d) contingent liability
As per accrual concept, which of the followings is not true
(a) revenue – expenditure = profit
(b) revenue – profit = expenditure
(c) sales + gross profit = revenue
(d) revenue = profit + expenditure
The liability of a partner in a firm to outside is _____
(b) Unlimited up to their capital sharing ratio
(c) Unlimited up to their guaranteed amount
(d) Unlimited up to their profit sharing ratio
The buyer refused to take delivery and the seller refused to take return then the goods are
(a) Deemed to be in transit
(b) Not deemed to be in transit
(d) none of these
Purchased the asset for Rs. 2,00,000 with available discount 20% then what amount should be credited to debentures A/c, when the purchase consideration is discharged by the issue of debentures.
(c) Rs. 1,60,000
An amount of Rs. 8765 paid to M was debited to N
(a) increase in net profit
(b) decrease in net profit
(c) increase in asset
(d) no effect on net profit
Which of the following statements is correct?
(a) Accounting profit is the difference between cash receipts and cash paid in a period.
(b) Accounting profit is the total of cash sales in the year less the expenses for the period.
(c) Accounting profit is the difference between revenue income and expenses for the period.
(d) Accounting profit is the difference between revenue income and cash payments for the period.