The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as

Related MCQs

• When proprietor withdrew cash from business for personal use , it is known as -
•                         refers to the order in which the various assets and liabilities are shown in the Balance Sheet.
• In trial balance, which accounts with is/are recorded at the credit side? I)Sales II)Sales return III)Cash IV)Loan
• What are the two statements prepared for summarising the transactions? I)Balance Sheet II)Journal III)P&L IV)Cash Book
• According to which principle the same accounting methods should be used each year:
• Machinery purchased on 1 Oct,2016 for 40,000.This machinery was sold on Dec 2017.Calculate the total depreciation charged on machinery till date if co charges 10% as per WDV method if accounts are closed on 31st March every year.
• The expenses due but not paid is known as -