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A trader started retail business. During the year he sold goods worth Rs. 60,000 and for Rs. 1,20,000 out of which only Rs. 1,00,000 was collected during the year. He had a closing stock of Rs. 10,000. His other business expenses for the period were Rs. 20,000 out of which Rs. 5,000 was outstanding at year end. His total profit for the year 2008-09 as per the terms of accrual concept was:
a) 30,000
b) 40,000
c) 45,000
d) 20,000
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Provision for bad and doubtful debts is result of:
a) Conservatism Concept
b) Going concern Concept
c) Disclosure Concept
d) Consistency Concept
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Cost concept basically recognizes
a) Fair Market Value
b) Historical Cost
c) Realisable Value
d) Replacement Cost
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According to which concept the owner of an enterprise pays the "interest on drawings"?
a) Accrual concept
b) Conservatism concept
c) Entity concept
d) Dual Aspect concept
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What do you mean by Conservatism in Accounts?
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Explain What are the events in Screen Programming?
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Explain What is an RFC?
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What is the objective of conservatism? (a) Anticipate profits but not losses (b) Anticipate losses but not profits (c) Anticipate both profits and loses (d) Anticipate income
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Outstanding expenses is included in Profit & Loss A/c at the year end according to which concept?
a) Matching
b) Full disclosure
c) Accrual
d) Going Concern
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Debtors- Rs. 50,000. A provision for bad debt is created at 5% according to which concept?
a) Conservatism
b) Matching
c) Accrual
d) Dual Aspect
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The three fundamental accounting assumptions are?
(i) Going Concerns (ii) Financial Transaction (iii) Consistency (iv) Accrual
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What are the commands used for interactive reports?
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What is the effect on the Net Assets if cash is received from debtors of Rs. 50,000?
a) Increase
b) Decrease
c) No change
d) None of these
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An asset was purchased for Rs. 6,60,000. Cash was paid Rs. 1,20,000 and for the balance a bill was drawn for 60 days. What will be the effect on fixed assets?
a) Rs. 1,20,000
b) Rs. 5,40,000
c) Rs. 6,60,000
d) Nil
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Which concept requires that those transactions which can be measured in terms of money are recorded in books of account?
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In the accounting period, according to which concept, cost incurred to acquire an asset is shown in the Balance Sheet.
a) Business Concept
b) Realization Concept
c) Cost Concept
d) Accounting Period Concept
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