(A) Overstatement of profit
(B) Excess charging of depreciation every year
(C) Over valuation of assets in Balance Sheet
(D) Short charging of depreciation every year
Raw material and components purchased and used at the time of installation of new Plant and Machinery will be debited to?
(A) Plant and Machinery A/c
(B) Raw Material Consumed A/c
(C) Purchase A/c
(D) Profit ;and Loss A/c
Which types of errors will effect net profit?
(A) Affecting Nominal Account
(B) Affecting Personal Account
(C) Affecting Real Account
(D) None
Trade discount is given to?
(A) Boost sales
(B) Make payment early before due date
(C) To evade tax
(D) All the three
To convert the accounts prepared on cash system of accounting into mercantile system of accounting, which of these adjustments is not necessary?
(A) Reconciliation of cash with bank
(B) Adjustment of prepaid expenses and income received in advance
(C) Adjustment of outstanding expenses and income statement
(D) Distinction between revenue and capital expenditure/income
Accounting Standard 1 requires the significant Accounting Policies to?
(A) Be suitable disclosed
(B) Be circulated to all the shareholders separately
(C) Be notified
(D) Be changed from time to time
Going run concern concept is not followed in __.
(A) Bank Accounts
(B) Joint Venture Accounting
(C) Partnership Accounting
(D) Proprietorship Concerns
Which of these term is not found in a Joint Venture business?
(A) Del Credere Commission
(B) Co-venturer
(C) Joint Bank A/c
(D) Memorandum Joint Venture A/c