Accounting - Study Mode
[#166] An accounting system that does not take into consideration outstanding expenses and accrued incomes for computation of profit Is called
Correct Answer
(D) Cash System
[#167] Which method of HR Accounting was developed by Lev and Schwartz?
Correct Answer
(C) Present value of future earning model
[#168] Which of the following is an error of commission?
Correct Answer
(B) A purchase of Rs. 840 was wrongly posted
[#169] The loss on the sale of old furniture is debited to
Correct Answer
(A) Profit and loss Account
[#170] Match List-I (Items of expenditure and receipt) with List-II (Nature of expenditure and receipt) and select the correct answer using the options given below the lists: List-I List-II a. Compensation paid to retrenched workers of the factory for the loss of service 1. Capital expenditure b. Legal expenses incurred in connection with the purchase of a plot of land 2. Capital receipt c. Compensation received from the government for the compulsory removal of a business premises to another place 3. Revenue expenditure d. Sale proceeds of merchandise (goods) 4. Revenue receipt
Correct Answer
(D) a-3, b-1, c-2, d-4