An increase in provision for bad debt will____________?
An increase in provision for bad debt will____________?
A. Decrease net income
B. Decrease liabilities
C. Increase net income
D. Increase liabilities
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The process of paying off debt over time in regular installment of interest & principal sufficient to repay the loan in fully by its maturity date.
The process of paying off debt over time in regular installment of interest & principal sufficient to repay the loan in fully by its maturity date.A. Amortization
B. Loan Payment
C. Liability
D. SecuritizationHow many parties are generally found in a Bill of Exchange?
How many parties are generally found in a Bill of Exchange?A. 4
B. 2
C. 3
D. 5The amount invested by the proprietor to start the business is called:
The amount invested by the proprietor to start the business is called:
A. Capital
B. Business
C. Drawings
D. All of themLiability are arisen from which of the following events?
Liability are arisen from which of the following events?
A. Present event
B. Future event
C. Past event
D. None of themClosing stock is generally valued at______________?
Closing stock is generally valued at______________?
A. Cost Price
B. Market Price
C. Cost price or Market price whichever is higher
D. Cost price or Market price whichever is lower[Hints: D. Para 5, of AS-2 states that inventories should be valued at the lower of cost and net realizable value.]
Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
A. Written down to zero or its scrap value
B. Shown in the Balance Sheet at its replacement cost
C. Shown in the Balance Sheet at cost, but classified as a non-current asset
D. Carried in the accounting records at cost until it is sold