Most organisations use __________ for coding their accounts. Sol:

Related MCQs

• Not-for-profit organisations are based on…………………………theory. 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.
• Grouping of Accounts means the classification of data from: Sol:
• Which goodwill is recorded in the books of Accounts Sol:
• As per ………..it is the statutory obligation of companies to prepare their final accounts.
• The not for profit concerns prohibit the payment of any ………………………to their members Sol:
• Not – for – profit organisations institutions prepare
• In not-for-profit organisations, excess of expenditure over income is called—
• Preference shares, in case the holders of these have a right to convert their preference shares into equity shares at their option according to the terms of issue, such shares are called :