refers to the order in which the various assets and liabilities are shown in the Balance Sheet.

Related MCQs

• Where do we show Provision of bad debts in final accounts if given in adjustments? I)Debit side of P&L II)Credit side of P&L III)Deduct from Debtors in Balance Sheet IV)Add to Debtors in Balance Sheet
• What are the two statements prepared for summarising the transactions? I)Balance Sheet II)Journal III)P&L IV)Cash Book
• If closing stock is mentioned in trial balance,Where is it shown in Final Accounts?
• Which one is false. I)Capital Expenditure is non recurring in nature and shown in P&L account. II)Revenue expenditure is incurred to conduct day to day activities
• The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
• Trial balance is not a conclusive proof of accuracy due to which errors. I)Error of omission II)Error of Principle III)Error of Commission IV)Compensatory Errors
• In trial balance, which accounts with is/are recorded at the credit side? I)Sales II)Sales return III)Cash IV)Loan
• 4 oct Opening balance=500 units @Rs 20 each, 5 Oct:Purchase=1000 units @Rs 15 ,6 Oct Sales=500 units.What will be rate at which the sales unit will be valued as per weighted avg method?
• In the books of account if a transaction is completely deleted, will it affect the trial balance?
• 1 oct Opening balance=400 units @Rs 20 each, 3 Oct:Purchase=300 units @Rs 10 ,5 Oct Sales=500 units.What will be total Sales value(in Rs) as per FIFO Method?