Accounting - Study Mode
[#276] The definition of accounting will bring out the following functions: 1. Classifying 2. Interpreting 3. Recording 4. Summarising The correct sequence of these functions is
Correct Answer
(A) 3, 1, 4, 2
[#277] Which one of the following is not the object of preparing Funds Flow Statement?
Correct Answer
(D) To illustrate the relationship between profits from operations on the one hand and raising of new capital or contracting term loan on the other
[#278] In the absence of specific direction cash paid by a new partner to purchase his share of goodwill, will be apportioned by the old partners in
Correct Answer
(B) their sacrificing ratio
[#279] Generally accepted basis of Valuation of a fixed asset is:
Correct Answer
(C) Historical cost less depreciation
[#280] Increasing trend in general pricelevelis known as
Correct Answer
(B) inflation