Accounting - Study Mode
[#1721] Contingent liability appears as a footnote in the balance sheet. This is in accordance with the accounting principle of . . . . . . . .
Correct Answer
(B) Disclosure
[#1722] Cost of goods sold is Rs. 1,00,000 rate of gross profit on sales is 20%. What is the amount of sales?
Correct Answer
(C) Rs. 1,25,000
[#1723] Which one of the following errors is an error of principle?
Correct Answer
(A) Debiting repairs account instead of furniture account
[#1724] If immediate payment is not made to a partner taking leave from the firm then the due amount is transferred to
Correct Answer
(B) Loan account
[#1725] The money received by owner in business is known as-
Correct Answer
(A) Capital