Process of spreading cost 3. Profit and Loss A/c 4. Check arithmetic accuracy 4. Accounting for Fixed Asset

Related MCQs

• A B C are three partners sharing profit and loss in the ration of 2:2:1, B recently obtained MBA degree from Oxford University, accordingly the partner decided to give him a guaranteed profit of ` 60,000. Find the share of profit of B if the firm made a net profit of ` 1,25,000 during 2012-13
• Cost of fixed asset minus accumulated depreciation expenses of the fixed asset:
• The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is
• P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. _______ profit is credited.
• The statement of profit or loss is prepared according to _______ method to calculate profit or loss under single entry system
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period
• Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
• Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:
• An ink-stand has been purchased by a firm for a nominal amount that is to last for 4 year. It should not be classified as a fixed asset under which of the following accounting principles:
• Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation