The first step in accounting process is___________?
The first step in accounting process is___________?
A. Recording the transaction
B. Identifying the transaction
C. Posting the transaction
D. Preparing the source documents
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Closing 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.]
Which of the following statements is incorrect regarding capital account?
Which of the following statements is incorrect regarding capital account?A. Debit increases the capital account balance
B. Credit increases the capital account balance
C. Fresh capital increases the capital account balance
D. Net income increases the capital account balanceBank reconciliation statement is a part of_________?
Bank reconciliation statement is a part of_________?
A. Cash book
B. Trial balance
C. Auditors report
D. None of theseThe normal balance of capital account is_____________?
The normal balance of capital account is_____________?A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balanceProperty, Plant and Equipment are conventionally presented in the Balance Sheet at _________?
Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?A. Replacement cost – Accumulated Depreciation
B. Historical cost – Salvage Value
C. Historical cost – Depreciation portion thereof
D. Original cost adjusted for general price-level changesThe standard format of journal does not include which of the following?
The standard format of journal does not include which of the following?
A. Assets column
B. Date column
C. Description column
D. Amount column