Accounting - Study Mode
[#1896] Wages paid for installation of new machines is debited to wages account. This is an error of
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(B) Principle
[#1897] The Indian Accounting Standard 10 is related to
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(D) Accounting for fixed Assets
[#1898] Assertion (A): Personal transactions of the business owners are not recorded in the books. Reason (R): According to the business entity concept, each business enterprise is considered an accounting unit separate from owners.
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(A) Both (A) and (R) are correct, and (R) is the correct explanation of (A)
[#1899] Net working Capital refers to:
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(B) Current assets minus current liabilities
[#1900] A trader transfers 20% of his profit to General Reserve. On the basis of which concept, he does so?
Correct Answer
(A) Concept of conservatism