Accounting - Study Mode
[#1691] Transferring entries from journal to ledger account is commonly known as
Correct Answer
(C) Posting
(G) Posting
[#1692] Receipt and payment account record transactions of:
Correct Answer
(D) All receipts and payments relating to the current year, succeeding year as well as preceding year
[#1693] Liquidity of a firm can be measured with the help of the following ratio:
Correct Answer
(D) All of the above
[#1694] Arrange the following steps of 'adjustment of old partners' capital on the basis of incoming partner's capital in a correct order. 1. Ascertain the present capital of the old partners. 2. Calculation of total capital of firm on the basis of new partner's capital. 3. Finding the surplus/deficit capital. 4. Determining the new capital of each partner. Select the correct answer:
Correct Answer
(A) 2, 4, 1, 3
[#1695] If Goods worth Rs. 10,000 are sold on the basis of sale on approval, the adjustment of this transaction on the date of accounting is done in
Correct Answer
(D) All of the above