Grouping of Accounts means the classification of data from: Sol:

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.
• Most organisations use __________ for coding their accounts. Sol:
• Which goodwill is recorded in the books of Accounts Sol:
• Shortworking means…… Sol:
• It refers to the system of recording, organising, summarising, analysing, interpreting and communicating the financial data of a business. Sol:
• The software may also allow for graphical rendering of data, which is useful for carrying out analysis. Sol:
• Which book the work classification is done
• Name the principle involved in the classification of Assets as Fixed and Current
• Accounts of LLP are to be audited by _____________