A book wherein various accounts are opened is called____________?

✅ C. common size income statement

Option A : Balance sheet Option B : income statement Option C : common size income statement Option D : All of the Above Correct Answer : common size income statement Read more

✅ A. Sundry Debtors

Option A : Sundry Debtors Option B : Stock Option C : Prepaid insurance Option D : All of Correct Answer : All of and above Read more

✅ B. Net Profit = Gross Profit + Administration expenses and Other expenses

Option A : Net Profit = Gross Profit “ Administration and Other expenses Option B : Net Profit = Gross Profit + Administration expenses and Other expenses Option C : Opening Stock + Purchases “ Closing Stock = Cost of Sales Option D : Both Correct Answer : Both and above Read more

✅ C. Damage paid on account of breach of a contract to supply certain goods

Option A : 1000 paid for the execution of a new plant Option B : Loss of 10,000 incurred in increasing the sitting accommodation of a hotel Option C : Damage paid on account of breach of a contract to supply certain goods Option D : Repair to machinery purchased, second hand. Correct Answer : Damage paid on account of… Read more

✅ C. Discounted present value Method

Option A : Straight line Method Option B : Written down value Method Option C : Discounted present value Method Option D : Sum of digits Method Correct Answer : Discounted present value Method Read more

✅

Option A : Previous years profit is overstated and current years profit is also overstate Option B : Previous years profit is understated and current years profit is overstate Option C : Option D : Previous years profit is overstated and current years profit is understate Correct Answer : Previous years profit is overstated and current years profit is understated. Read more

✅ A. Amortization

Option A : Amortization Option B : Loan Payment Option C : Liability Option D : Securitization Correct Answer : Amortization Read more

✅ C. Profit and Loss A/c

Option A : In Trading A/c Option B : In Profit and Loss Appropriation A/c Option C : Profit and Loss A/c Option D : Being a non operating item ignored Correct Answer : Profit and Loss A/c Read more