Accounting - Study Mode
[#351] Admission fee income should be . . . . . . . .
Correct Answer
(C) treated as revenue unless the amount is pretty large
[#352] If on 1 st January 1983 a plant is purchased for Rs. 1,20,000, its estimated life is ten years and its salvage value is Rs. 10,000 under which one of the following method would the 1983 depreciation be the largest?
Correct Answer
(C) Sum of the year's digits method
[#353] The main purpose of preparing a bank reconciliation statement is . . . . . . . .
Correct Answer
(D) to reconcile cash balance as per pass book with the balance in the pass book
[#354] Match the items of List-I with items of List-Il and indicate of correct matching List-I List-II a. Principle of separate entity 1. Valuing plant and machinery at cost less depreciation b. Principle of conservatism 2. Recording punctuality and honesty of an organization's employees c. Principle of money measurement 3. Capital contributed by proprietor is shown as liability in the balance sheet d. Historical cost concept 4. Valuing inventories at cost or market price whichever is less
Correct Answer
(B) a-3, b-4, c-2, d-1
[#355] Which one of the following statements is not true:
Correct Answer
(D) The Company cannot repurchase its own equity shares