Accounts dealing with transaction relating to persons or an organization is called

Related MCQs

• Match List I (Financial Statements and Accounts) with List II (special matters associated with statements and accounts) and select the correct answer using the codes given below the lists: List I List II i) Receipts and Payments Account I. Revenue ii) Income and Expenditure Account II. Cash iii) Club subscription received in III. Liability Advance Account Codes:(i) (ii) (iii)
• 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.
• Which of the following items should not be capitalized relating to fixed assets?
• _________ contains the transactions relating to goods that are returned by us to our creditors
• Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of:
• Due to retrospective effect on revision of salary of employees, the arrears of salary relating to past years, payable in current year is
• If the asset is sold, the provision for depreciation relating to the asset sold is transferred to:
• Debit balance of all personal accounts are collectively called
• Collection of all accounts us called
• Expenses which have become due during the accounting period for which the final accounts have been prepared but have not yet been paid is called