Codification of Accounts required for the purpose of:

Related MCQs

• Method of codification should be
• The need of codification is Sol:
• 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.
• The purpose of final accounts is to ascertain. …
• Accounts of LLP are to be audited by _____________
• As per ………..it is the statutory obligation of companies to prepare their final accounts.
• In single entry system only accounts are opened:
• Debit balance of all personal accounts are collectively called
• In income & Expenditure accounts, we record