Miscellaneous In Commerce - Study Mode
[#176] The practice of appending notes regarding contingent liabilities in accounting statements is in pursuance to:
Correct Answer
(D) Convention of disclosure
[#177] Under which concept it is assumed that the enterprises has neither the intention nor the necessity of liquidation or of curtailing materiality the scale of operation?
Correct Answer
(C) Going concern concept
[#178] Prepaid expense is treated as:
Correct Answer
(A) Current asset
[#179] A business has the following items in it: Land Rs. 1,000,000 Machinery Rs. 20,000 Cash Rs. 10,000 Debt Rs. 0 Owner's equity?
What is the valve of owner's equity?
Correct Answer
(C) Rs. 1030000
[#180] The following comments each relate to the recording of journal entries. Which statement is true?
Correct Answer
(D) Journalization is the process of converting transactions and events into debit/credit format