Accounting - Study Mode
[#1541] What is the correct sequence of the following in the preparation of periodical financial statements? I. preparation of Balance sheet II. preparation of Funds flow statement III. preparation of Trial balance IV. preparation of Profit/Loss statement Select the correct answer from the options given below and mark your answer sheet accordingly
Correct Answer
(B) III, IV, I, II
[#1542] Cash book prepared on imprest system is:
Correct Answer
(C) petty cash book
[#1543] Match List-I with List-II and select the correct answer using the options given below the lists: List-I (Accounting concept) List-II (Principle involved) a. Consistency 1. Losses are anticipated and accounted for in advance but profits are not accounted for until realised. b. Comparability 2. All the relevant financial informations should be summarised and presented in the accounting statements. c. Conservatism 3. Accounting procedures in an entity should be followed uniformly from period to period. d. Disclosure 4. Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures. 5. Personal Judgement of accountants should not influence accounting measurements.
Correct Answer
(B) a-3, b-4, c-1, d-2
[#1544] Dividend declared in between two annual general meeting is called . . . . . . . .
Correct Answer
(B) interim dividend
[#1545] Goods destroyed by fire should be credited to:
Correct Answer
(A) purchases account