Salary Account comes under which head?

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?
• Where do we record transactions of salary, rent or interest paid?
• Which accounting concept specifies the practice of crediting closing stock to the trading account?
• Which of the following is not a Real Account?
• The Convention of Conservatism takes into account
• According to the money measurement concept, the following will be recorded in the books of account of the business:
• A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
• Which accounting concept satisfy the valuation criteria
• In which of the following cases, accounting estimates are needed?
• In income measurement & recognition of assets & liabilities which of the following concepts goes together ?