The Concept of Conservatism takes into accountA. all prospective profi – InterviewSolution

InterviewSolution

1.	The Concept of Conservatism takes into accountA. all prospective profits and all prospective losses.B. all prospective profits and leaves all prospectives losses.C. all prosepective losses but not the prospective profits.D. None of the above.
Answer» Correct Answer - C

Discussion

No Comment Found

Related InterviewSolutions

Rs. 2,000 paid as wages for installing a machine should be debited toA. Wages AccountB. Machinery AccountC. Capital AccountD. Any of these
Return Inward in the Trial Balance are deducted fromA. purchaseB. salesC. return outwardD. None of these
Trial Balance is preparedA. before Journal is writtenB. after Journal is writtenC. after Journal is posted into ledger accounts.D. after financial statements have been prepared.
Trial Balance can be preparedA. at any time of the year.B. at the end of the yearC. in the beginning of the yearD. None of these .
If Trial Balance matches, it meansA. arithmetical accuracyB. book are accurateC. Both (a) and (b)D. None of these .
Trial balance is prepared from the balance taken fromA. Day BooksB. JournalC. Balance sheetD. Ledger Accounts.
Discount Received hasA. Debit balanceB. Credit balanceC. Both (a) and (b)D. None of these .
If Closing Stock appears in the Trial Balance , it meansA. pruchases are adjusted against opening and closing stocks.B. purchase are adjusted against closing stockC. Both (a) and (b)D. None of the above.
Errors of Complete omissionA. are reflected in the Trial BalanceB. are not reflected in the Trial BalanceC. Both (a) and (b)D. None of these .
Errors of complete omission permitA. correct totalling of the Balance SheetB. correct totalling of the Trial balance.C. the Trial Balance to agreeD. None of these.