——— Principle specifies that cost or expenses should be recorded at the same time as the revenue to which they correspond

Related MCQs

• From the following details calculate the net profit for the year ending 31.03.2013 Opening Stock ` 1,50,000; Purchase ` 2,50,000; Manufacturing Expenses ` 80,000; Selling Expenses ` 20,000; Administration Expenses ` 10,000; Financial Charges ` 5,000; Slaes ` 5,55,000 which includes damaged goods sold for ` 5,000 against the cost price of ` 12,000. Gross profit margin on normal sales is 20% on the sales
• Expenses of the following nature are treated as a Revenue expenses except —
• If any transaction is not recorded in the primary books the same is recorded in _______
• A merchant sends out his goods casually to his dealers on approval basis. All such transactions are, however, recorded as actual sales and are passed through the sales book. On 31st March, it was found that 100 articles at a sale price of ` 200 each sent on approval basis were recorded as actual sales at that price. The sale price was made at cost plus 25%. The amount of stock on approval will be amounting
• In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:
• In case specific fund is maintained, the expenses exceeding the amount of the funds, should be recorded on:
• All ________ expenses are recorded in the trading account
• ` 5,500 incurred on sundry expenses inadvertently recorded in the books of account as ` 550. This is an example of —
• When the goods are returned by the customers within the specified time, they are recorded
• Which of the following is a revenue expenses