According to the money measurement concept, the following will be recorded in the books of account of the business:

Related MCQs

• A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture (iii) Salary of Rs.7,000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books?
• A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated?
• If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____
• Business enterprise is separate from its owner according to _________ concept.
• Which accounting concept specifies the practice of crediting closing stock to the trading account?
• The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.
• ‘Inventory books’ is used to view
• ‘Inventory books’ is used to view
• Rs.10, 000 withdrawn from State Bank. In which voucher type this transaction will be recorded?
• In which voucher type credit sales is recorded in Tally?