Accounting - Study Mode
[#651] Which of the following practices is not in consonance with the convention of conservatism?
Correct Answer
(B) Creating provision for discount on creditors
[#652] If net profit is Rs. 30,000 and non-cash charges are Rs. 10,000 then the funds from operations will be:
Correct Answer
(C) Rs. 40,000
[#653] The Receipt and Payment Account of a club shows the following details of subscriptions: Arrears Rs. 500, current Rs. 10,500 advance Rs. 800. There are 1200 members each paying an annual subscription of Rs. 10. The amount of subscription to be credited to Income and Expenditure Account will be:
Correct Answer
(B) Rs. 12,000
[#654] The word 'receivables' includes-
Correct Answer
(C) Trade debtors and bill receivable
[#655] On the admission of a new partner, any increase in the value of Buildings is credited to
Correct Answer
(C) Revaluation Account