Depreciation is calculated on the____________?

Goods returned by customer should be debited to which of the following accounts?

A. Sales income account
B. Sales account
C. Return inward account
D. Expenses account

In which of the following orders data is entered in journal?

A. Alphabetical order
B. Numeric order
C. Bullets order
D. Chronological order

i. Stock at the end of the financial year
ii. Stock at the beginning of the financial year
iii. Drawings
iv. Prepaid Rent
v. Interest received but not yet earned
A. Only (i) above
B. Only (iii) above
C. Both (i)and (iii) above
D. (i), (iii), (iv) and (v) above
Stock at the end of the financial year is the closing stock, drawings are the amounts withdrawn by the owner of the business for personal use; and prepaid rent is the amount of rent which is paid in advance of the current financial year and interest received but not yet earned is the amount of interest received which does not pertain to the current year are the items that appear in the Balance Sheet of a business. Stock at the beginning of the financial year is the opening stock that appears in Trading Account of a business and not in the Balance Sheet. Thus D., the combination of all the accounts in alternatives (i), (iii), (iv) and (v) is the correct answer.]

A. Debts included in Sundry Debtors which are doubtful in nature
B. Uncalled liability on partly paid s
C. Claims against the company not acknowledged as debts
D. Arrears of fixed cumulative dividend
A contingent liability is the loss which will be known or determined only on the
occurrence or non- occurrence of one or more future uncertain events. Debts of debtors is not an uncertain event but only the realization of a part of the debt in doubtful for which provision must be provided and hence it is not a contingent liability. Items in other alternatives uncalled liability on partly paid s B. may be called up in the event of necessity, claims against the company not acknowledged as debts (c ) they may or may not turn out to be debts in future. Arrears of cumulative fixed dividend D. are contingent liabilities.

A. In Trading A/c
B. In Profit and Loss Appropriation A/c
C. Profit and Loss A/c
D. Being a non operating item ignored