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Which of the following journal entries records petty cash expenses?

A firm follows a practice of giving the figures of the previous year along with the figures for the current year. Now the accountant of the firm wants to discontinue this practice. Do you justify this decision?

_______ reasoning depends on working with each case, and developing a conjecture by observing incidence till each and every case is observed.

Which of the following are stock variables?

Goods worth Rs 1550 were purchased from Mayuri. It was recorded as Rs 1500 by mistake. Which account shall be debited & by what amount to rectify this mistake?

State the importance of MIS.

What is the entry passed for adjusting outstanding expenses?

Suppose there are 20 consumers for a good and they have identical demand d(p) = 10 - 3p for any price less than or equal to $\frac{10}{3}$ and $d_1$ (p)=0 at any price greater than $\frac{10}{3}$. What is the market demand function?

Parth has an accounting year ending on 31st March. He receives rent quarterly in advance amounting Rs. 45,000 on 1 January, 1 April, 1 July and 1 October but for the current year, he received the rent on 31st March instead for 1st April. What shall be the amount of rental income to be recorded in the profit & loss account for the year?

A company purchased a land in an urban area. It does not provide any depreciation on the purchased land at the end of the year. Is the company correct in doing so ?

Q10. "Demonetization" of Rs. 500 and Rs. 1000 currency notes has resulted in which of the following?

Posting of wrong amounts to the accounts are classified as ___

Q81. T.K. Vishwanathan Committee is related to:

Give any two examples of deferred revenue expenditure?

What is a bank overdraft?

Company purchased a machine on credit from Mr. Ram for Rs 1,00,000. Now a cheque has been issued in his favor. Which of the following is correct?

State the reasons when the cash book balance will be higher than the pass book balance.

Renewal of bills of exchange is requested to __________.

In the following question, there is a blank in each sentence. Four alternatives are suggested for each blank. Choose the correct one.

Would you lend me ………...money?

Which item will appear on the credit side in ledger?

Which set of quantum numbers is correct with n = 3?

Prepare two column cash book from the following transactions of M/s Raj Mohan for the month of April, 2016. Also prepare any five related ledger accounts and pass journal entries related to discount received and discount allowed.

$\begin{array}{ccc}2016& \text{Particular}& \text{Amt(Rs)}\\ \text{Apr 1}& \text{Cash in hand}& 70,000\\ & \text{Bank overdraft}& 66,000\\ \text{Apr 2}& \text{Cash Purchases Rs 8,000 less trade discount}10\%& \\ \text{Apr 3}& \text{Sold goods to Raja on credit}& 4,000\\ & \text{Purchased goods on credit from Rajesh}& 8,000\\ \text{Apr 4}& \text{Wages paid}& 7,000\\ \text{Apr 5}& \text{Cash sales}& 85,000\\ \text{Apr 7}& \text{Purchased goods from Manisha for Rs 61,250 paid by cheque in full settlement}& 60,000\\ \text{Apr 9}& \text{Purchased furniture for cash}& 50,000\\ \text{Apr 10}& \text{Cash paid to Sarika discount received Rs 500}& 25,000\\ \text{Apr 11}& \text{Cheque issued to Manisha was dishonoured}& \\ \text{Apr 13}& \text{Cash sales}& 22,500\\ \text{Apr 16}& \text{Bank charged interest on overdraft}& 2,500\\ \text{Apr 18}& \text{Deposited into bank}& 35,000\\ \text{Apr 20}& \text{Paid telephone bill by cheque}& 3,000\\ \text{Apr 25}& \text{Sold goods for 1,17,500 to Sachin and received cheque in full dsettlement (Deposited}& 1,15,000\\ & \text{same day)}& \\ \text{Apr 27}& \text{Paid rent}& 4,000\\ \text{Apr 29}& \text{Drew cash for personal use}& 5,000\\ \text{Apr 29}& \text{Paid electricity bill in cash}& 27,000\\ \text{Apr 30}& \text{Paid salary}& 10,000\\ \text{Apr 30}& \text{Interest collected by bank}& 12,500\end{array}$

_______ are all the things a company does to bring its products and services to market on an ongoing basis.

A machine with a cost of Rs. 1,00,000 & accumulated depreciation of Rs. 80,000 & was sold at a loss of Rs. 6,000. Bank account shall have been debited by ___

What is meant by Accounting Standards? Discuss their nature.

A and B started a business with a total investement of Rs. 30,600. If the total profit of Rs. 15,000 is divided equally instead of dividing it in the ratio of their investement, then A gets Rs. 200 more. What is the investement of A ?

Giving examples, explain each of the following accounting terms

$\begin{array}{ccc}& & \\ \text{Fixed assets,}& \text{Gain,}& \text{Profit}\\ \text{Revenue,}& \text{Expenses,}& \text{Short term liability}\\ \text{Capital}& & \end{array}$

Define a computerised accounting system. Distinguish between a manual and computerised accounting system.

Read the sentence to find out whether there is any grammatical error in it. The error, if any, will be in one part of the sentence. Mark the part with the error as the answer. (Ignore the errors of punctuations, if any).

India’s largest utility vehicle and tractor maker / is again in the race to acquire / for stake in Swedish company / which is a premium car maker.

________ are incomes pertaining to a later accounting period for which money is already received.

What is the need of rectification of accounting records?

Explain the functions of commercial banks with an example of each.

Increase in liability will be recorded in _______ side of liability account

What are modifying principles? Briefly explain their significance & Values?

The data points in the figure below represent monthly income and expenditure data of individual members of the Ahuja family the Bose family the Coomar family and the Dubey family. For these questions, savings is defined as
Savings=Income-Expenditure.

The highest amount of savings accrues to a member of which family?

Mention the subsidiary books in which the following transactions are recorded with reason thereof.

(i) Purchase of furniture on credit for use in a shop.

(ii) Sale of goods on credit.

(iii) Goods returned by debtors

(iv) Purchase of stock on credit.

(v) Providing for interest on capital to a proprietor.

(vi) Goods returned to creditors.

(vii) Sale of goods for cash.

Credit purchases can be obtained by preparing:

Prepaid expenses are regarded as ___

When balance of an account is a debit balance, on which side of the ledger account is the entry for balancing done?

Bank column of the cash book can have credit balance . Why ?

Which account is credited on purchase of land from the proceeds of a bank loan?

Which of the following is not an economic event?

Rectify the following entries :

(i) Purchase of building was passed through purchase book amounting to Rs 80,000.

(ii) Wages paid for construction of building was debited to wages account with Rs 20,000.

(iii) Expenses of erecting of a shed amounting to Rs 3,000 were debited to trade expenses account.

(iv) Wages paid for extension of building was debited to wages

Books maintained under double entry system are more reliable as compared to when maintained under single entry system. Comment.

The appropriate journal entry to record equipment depreciation expense would consist of a debit to Depreciation Expense and a credit to which of the following accounts?

When total of debit column is higher than the credit column, The trial balance is temporarily balance by showing suspense account in _____ Column

A piece of machinery worth 1,00,000 is charged depreciation (Straight line method) at 10%. In the journal entry for transfer of depreciaton to income statement, which account shall be credited ?

Which of the following are incomes for a business?

What is meant by the renewal of a bill of exchange?

Which of the account is debited in case of dishonour of bill on the due date.