The 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
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Buildings account is debited with an amount towards repairs. This is an example of?
Buildings account is debited with an amount towards repairs. This is an example of?
A. Error of commission
B. Error of principle
C. Error of omission
D. Compensating errorB. Buildings account debited with an amount towards repairs is an error of principle. Error of principle is a wrong classification of expenditure or receipt.
Generally the term fund is used to mean the difference between?
Generally the term fund is used to mean the difference between?
A. Current assets and current liabilities
B. Profit and loss A/C and Balance sheet
C. Current assets and non-current liabilities
D. Current liabilities and non-current liabilitiesThe Basic accounting equation is___________?
The Basic accounting equation is___________?
A. Asset=Expense +Income
B. Assets=Cash+Capital
C. Assets=Capital+Liabilities
D. Assets=Expenses+CapitalWhen a person purchasing goods on credit he becomes a_________in the books of the seller?
When a person purchasing goods on credit he becomes a_________in the books of the seller?
A. Debtor
B. Creditor
C. Defaulter
D. OffenderIFRS 9 explains about?
IFRS 9 explains about?A. Inventory
B. Accounts Payable
C. Accounts Receivable
D. ExpensesIFRS 9 is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments.
The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
A. Sales
B. Purchases
C. Inward returns
D. Closing stockThe closing stock D. is the value of goods which remain unsold at the end of the period whose balance appears once in Trading Account and once in Balance Sheet of the business.
All other accounts sales A., purchases B. and Inward Returns C. are closed once they are absorbed by the Trading Account. Thus D. is the correct answer.