1.
Capital receipts will not affect ------------------- and ------------------a/c
A
Trading & profit & loss a/c
B
Trading account
C
Profit and loss a/c and balance sheet
D
Trading a/c and trial balance
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Capital receipts will not affect ------------------- and ------------------a/c
Trading & profit & loss a/c
Trading account
Profit and loss a/c and balance sheet
Trading a/c and trial balance
The commission given by consignor to the consignee for taking additional risks of recovery of debts on account of sales made on credit is known as ----------------------
Over riding commission
Delcredre commission
Normal commission
None of these.
What is the journal entry of interest on capital
Interest on capital a/c Dr To capital a/c
Drawings a/c Dr To interest on drawings
Profit &loss a/c Dr To discount Debtors
Capital a/c Dr To Interest on capital.
Transaction between branches are called-------------
Inter- branch transactions
Branch transaction
Internal transaction
None of these.
What represents goods sent by head office to the branch or by the branch to the head office but not received by other
Goods in transit
Cash in transit
Barter transit
None of these
Pass entry for consignors expenses
Consignment a/c DrTo Cash
Consignment a/c Dr To credit
Cash a/c Dr To consignee
None of these.
On which condition we made adjustment for closing stock as well as opening stock in the purchaseaccount
By buying credit purchase
By buying
Adjusted purchases
On installment basic
According to............................concept it is assured the business will last for long time
Accounting entity concept
Going concern
Money measurement concept
Dual aspect principal
The modern system of accounting owes to
AICPA
Luca Pacioli
GAAP
None of these
Royalty is an
Agreement
Contract
Mutual action
None of these
Which loss is due to the nature of goods consigned
Actual loss
Simple loss
Abnormal loss
Normal loss
Which one of these not shown in trading account
Wages
Octroi
Closing stock
Carriage outward
Which principal is known as basic principal of accounting
verifiable objective principal
matching principal
Dual aspect principal
Materiality principal
The lessee may be permitted to recoup short working for a few years only is called
Unrestricted
Restricted
Minimum rent
None of these
Adjustment given in the ---------------------- is known as hidden adjustment
Trial balance
Profit & loss a/c
Trading
Ledger
In which method trial balance is prepared with the balance of ledger account
Total amount Method
Balance Method
Grouping
Marshalling
For what use are preparing profit and loss a/c
To find out net profit or net loss
To find out gross profit or gross loss
To know closing stock
To determine the sales
Why use prepare trial balance
To check arithmetical accuracy of a/c
To know the financial position
To know the gross profit
To know the capital of the firm
Assets having no physical existence but are represented by rights in certain things are called----------------
Tangible asset
Intangible asset
Contingent asset
None of these
In which principal transaction and events are recorded in the books of account and presented in thefinancial statement in accordance with their substance and not legality.
Substance over legal form
Time line principal
Materiality principal
Consistency principal