When different accounts are clubbed on the basis of some common characteristics that are shared by them, the concept is known as_______.

Related MCQs

• 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 —
• A reserve is created but its identity is merged with some other account or group of accounts so that the existence of the reserve is not known:
• 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.
• Under single entry system, only personal accounts are kept and in some cases:
• 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
• Rent and rates are apportioned to different departments on the basis of
• Selling expenses should be divided among the different departments on the basis of ______
• Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
• The book which all accounts of the firm are maintained is known as