Accounting - Study Mode

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[#1076] The entity concept of Accounting is applicable to:

(A) Sole Proprietary Concern

(B) Partnership Firm

(C) Joint Stock Company

(D) All of the aforesaid

Correct Answer

(D) All of the aforesaid

[#1077] Machinery purchased in the journal entry for the transaction, machinery account will be

(A) Debited

(B) Credited

(C) Debited and Credited

(D) None of the above

Correct Answer

(A) Debited

[#1078] A and B are partners sharing profit and loss in the ratio of 4 : 3. They admit C to the partnership for $$frac{1}{5}$$ profit of the firm to be borne $$frac{3}{{20}}$$ by A and $$frac{1}{{20}}$$ by B. The new profit sharing ratio of A, B and C will be:

(A) 15 : 13 : 7

(B) 23 : 17 : 10

(C) 33 : 23 : 14

(D) 59 : 53 : 28

Correct Answer

(D) 59 : 53 : 28

[#1079] Match the items of List-I with those of List-II and indicate the correct answer: List-I List-II a. AS-6 1. Accounting for consolidated financial statements b. As-3 2. Accounting for fixed assets c. AS-10 3. Depreciation accounting d. AS-21 4. Accounting for cash flow statement

(A) a-2, b-4, c-3, d-1

(B) a-3, b-4, c-2, d-1

(C) a-4, b-3, c-1, d-2

(D) a-1, b-2, c-3, d-4

Correct Answer

(B) a-3, b-4, c-2, d-1

[#1080] A company bought assets worth Rs. 3,60,000 and in lieu issued debentures of Rs. 100 each at a discount of 10%. The number of debentures issued will be:

(A) 3,900

(B) 3,600

(C) 3,000

(D) 4,000

Correct Answer

(D) 4,000