Accounting - Practice Test

(A) AS cannot override the statute

(B) AS reduce to a reasonable extent confusing variations in the accounting treatments used to prepare financial statements

(C) AS facilitates comparison of financial statements of companies

(D) AS may call for disclosure beyond that required by law

(A) AS cannot override the statute

(A) Balance sheet

(B) Sales

(C) Fund flow statement

(D) Profit

(C) Fund flow statement

(A) Share allotment account

(B) Share forfeited account

(C) Share first call account

(D) Share premium account

(D) Share premium account

(A) Capital receipt and profit involved should be transferred to capital reserve

(B) Revenue receipt

(C) Capital receipt and profit involved should be transferred to general reserve

(D) Capital receipt and profit involved should be transferred to Profit & Loss A/c

(D) Capital receipt and profit involved should be transferred to Profit & Loss A/c

(A) Provision for bad debts

(B) Debtors

(C) Goodwill

(D) Cash and Bank

(D) Cash and Bank

Accounting - Study Mode