Accounting - Study Mode

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[#886] Ledger is a books of

(A) Original entry

(B) Final entry

(C) Adjustment entry

(D) Rectification entry

Correct Answer

(B) Final entry

[#887] Interest on performing assets should be recognized on . . . . . . . . basis.

(A) actually received

(B) standard

(C) accrual

(D) None of these

Correct Answer

(C) accrual

[#888] The following figures (all in Rs.) relate to non-trading concern: 1 st January, 1995 stock of medicines 5,000 1 st January, 1995 outstanding creditors for medicines 3,000 Amount paid for medicines during the years 15,000 Value of medicines spoiled during the year stock of medicines 400 On 31 st December, 1995 3,500 The amount to be debited to income and expenditure account would be

(A) Rs. 15,000

(B) Rs. 18,500

(C) Rs. 18,000

(D) Rs. 13,500

Correct Answer

(D) Rs. 13,500

[#889] Schedule 9 relates to . . . . . . . .

(A) fixed assets

(B) borrowings

(C) advances

(D) capital

Correct Answer

(C) advances

[#890] At the time of endorsement of a bill, the drawer credits . . . . . . . .

(A) the drawee

(B) endorsee personal account

(C) bills receivable account

(D) bills for collection account

Correct Answer

(C) bills receivable account