Deewali advance given to an employee is ___

Revenue Expenditure

Deferred Revenue Expenditure

Change in Accounting estimate means:

Certain parameters estimate in earlier and re-estimates in the current period

Certain parameters re-estimated during the current period and actual result achieved during the previous period

Which accounting concept satisfy the valuation criteria _______

Going concern, Realisation, Cost

Cost, Dual aspect, Conservatism

A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated

A building worth Rs. 35 lakhs was purchased and it was dismantled with Rs. 1 lakh and it was decided to build as shopping mall. The cost of construction of building was Rs. 5000000 and inauguration expenses of Rs. 50000. The amount of capital expenditure is

Rs. 8600000

Rs. 8550000

Consignment A/c is prepared in the book of:

Consignor

Third party

In Journal Entries which pertain to outstanding entries, prepaid entries, depreciation entries are called :.

Adjustment Entries

Transfer Entries

Which of the following is wrong?

All real and personal accounts are transferred to balance sheet

Each account is opened separately in ledger

In a three column cash book the discount columns are:

Totalled but not adjusted

Totalled but not balanced

Which of the following is not a difference between provision & contingent liability

A provision meets the recognition criteria where as contingent liability fails to meet the same

Provision can’t be measured where as contingent liability is absolutely measured

Gyan received Rs. 5000 in advance but he credited to sale account. Which of the following concept he did not follow?

Accural

Consistency

____ is root cause for financial accounting

Stewardship accounting

Management accounting

What entry is required to be passed to nullify the effect of Loading:

Goods sent on consignment A/c    Dr.

        To Trading A/c

Consignment A/c Dr.

           To goods sent on consignment A/c

Agreement of Trial balance is not a _____ proof of accuracy.

Submissive

Exhaustive

The amount of depreciation charged under Annuity method _______

Remains Fixed for all the years

Increases every year

In income measurement & recognisation of assets & liabilities which of the following concepts goes together ?

Periodicity, Accural, Matching

Going concern, cost, Realization

After rectification of the following errors, effect on Net profit will be :i) A cheque dishonoured Rs. 3100 debited to discount A/cii) Sales book (undercast) short by Rs. 23000iii) A customer returned goods of value of Rs. 1200, included in stock but not recorded

Increased by Rs. 24900

Increased by Rs. 23700

The following are the errors committed while the entries are posted in ledger.1) Errors of Principle2) Errors of commission.3) Errors of Partial omission4) Errors of complete omission

1,2,3,4

1,2,4

Following are the differences between Partnership and Joint Venture except:

Joint Venture is essentially planned for short terms mainly for one contract/ deal. However, partnership are normally undertaken as going concerns and are expected to last for a very long period.

Any specific statute of the Government does not govern joint ventures but the Indian Partnership Act, 1932, governs partnership

Interpretation means

Explanation of meaning and significance of the data in Financial Statements.

Systematic analysis of recorded data