Accounting - Study Mode
[#1311] Discount on issue of shares by a company should be shown on the:
Correct Answer
(B) Asset side of the Balance Sheet
[#1312] "Every debit should have equal and corresponding credit." Which of the following Accounting Concept says so?
Correct Answer
(B) Dual Aspect Concept
[#1313] The objective of hedge accounting is to represent, in the financial statements, the effect of an entity's that use financial instruments to manage arising from particular risks that could affect profit or loss.
Correct Answer
(A) risk management activities, exposures
[#1314] If the current ratio of a firm is 2.5 : 1 and working capital is Rs. 90,000 then the amount of current liabilities will be
Correct Answer
(C) Rs. 60,000
[#1315] Asha and Vipasha are equal partners with fixed capitals of Rs. 5,00,000 and Rs. 2,00,000, respectively. After closing the accounts for the year ending 31 st March 2019, it was discovered that the interest on capitals was provided @ 6% per annum instead of 5% per annum. In the adjusting entry
Correct Answer
(A) Asha will be debited with Rs. 1,500 and Vipasha will be credited with Rs. 1,500