The business is treated as distinct and separate from its owners on the basis of the

Related MCQs

• A business firm is separate and distinct from its owners is the assumption under which of the following accounting concepts:
• A company sends its cars to dealers on 'sale or return' basis. All such transactions ire however treated like actual sales and are passed through the sales day book. Just before the end of the financial year, two cars which had cost ` 55,000 each have been sent on sale or return and have been debited to customers at ` 75,000 each, cost of goods lying with the customers will be
• The amount of Owners‘ equity in a business is not affected by
• If outside liabilities and owners‘ equity are added we get………
• Who are the real owners of a company?
• Which of the following transactions would cause a change in ―owners‘ equity‖?
• Long term assets being `3,00,000, current Assets `80,000, outside liabilities `1,20,000. Find owners equity-
• According to which concept, proprietor of a business is treated as a creditors to the extent of his capital
• 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
• A sent some goods to B to be sold on consignment basis. 1/10 of the goods valued ` 25,000 were lost in transit. Find the value of goods sent of consignment basis —