(a) Increase an asset and decrease another asset
(b) Increase an asset and decrease liability
(c) Increase an asset and increase liability
(d) Decrease an asset and increase liability
The purchase of machinery on account would Read More »
(a) Error of omission
(b) Error of principle
(c) Compensation errors
(d) Error of commission
Error due to wrong allocation as expenditure between capital and revenue is regarded as Read More »
(a) Liability
(b) Asset side
(c) Debit side
(d) None of these
The capital receipts are shown in the balance sheet on the Read More »
(a) Revenue expenditure
(b) Capital expenditure
(c) Deferred revenue expenditure
(d) None of these
Depreciation on fixed assets is an example of Read More »
(a) Revenue expenditure
(b) Capital expenditure
(c) Deferred revenue expenditure
(d) Capital expenditure
Any expenditure incurred to increase the profit earning capacity of the concern is a Read More »
(a) Work sheet
(b) Cash flows statement
(c) Balance sheet
(d) Final accounts
A working paper which is prepared by the accountant for his own convenience is called: Read More »
(a) Journal
(b) Trial Balance
(c) Balance sheet
(d) Final accounts
Which of the following is not considered the permanent part of the accounting record Read More »
(a) Materiality
(b) Consistency
(c) Conservatism
(d) Realization
(a) Outstanding expense
(b) Accrued income
(c) Prepaid expense
(d) Unearned income
Commission received in advance is to be considered as Read More »
(a) The ordering of its assets and liabilities
(b) The totaling of its assets and liabilities
(c) Excess of assets over liabilities
(d) None of these
Marshalling of balance sheet means Read More »
