______________ is the major source of revenue of any business

Related MCQs

• Any income or profit derived by carrying on the business or during the course of business is called-
• These reserves are created out of revenue profits of the business for a specific purpose:
• AB Ltd. has signed at 31st December, 2017 the Balance Sheet date, a contract where the Total Revenue is estimated at ` 15 Crores and Total Cost is estimated at ` 20 Crores. No work began on the contract. Is the Contractor required to give any accounting effect for the year ended 31st December, 2017?
• Which of the following transactions of a business is/ are recorded in Journal Proper? (i) Purchase of goods on credit (ii) Sale of Office Furniture for cash (iii) Discounting of Bill of Exchange with a bank (iv) Endorsement of a Bill of Exchange in settlement of debt of the business
• If an employee of the business files a legal suit on business, it is considered in the books as
• Any written evidence in support of a business transaction is called:
• These are the reserves created only to strengthen the financial position or the business and to keep the funds available for any future contingency or expenditure that may be required:
• In the revenue account bonus in reduction of premium is shown as
• Revenue Account is also called ………….
• Revenue is generally recognized as being earned at the point of time