Accounting - Study Mode
[#2401] Read the following statements and give your answer according to the codes given below: i. Credit on investment is calculated as a part of the final account preparation process ii. Stock valuation is necessary to determine profit by creating a business account iii. Working audit is a statutory requirement for auditing a company iv. Garner vs. Murray case deals with the settlement of accounts in case of bankruptcy of a partner of a partnership firm
Correct Answer
(B) ii and iv are correct
[#2402] Imprest system relates to:
Correct Answer
(B) Petty Cash Book
[#2403] Outstanding salary given inside trial balance will be shown in
Correct Answer
(C) Liability side of balance sheet
[#2404] Fixed assets are reported in the Balance Sheet at historical cost basis. This is done in order to comply with the accounting principle of:
Correct Answer
(A) Going concern principle
[#2405] Issue of debenture is a-
Correct Answer
(B) Source of cash