For the following questions answer them individually
Which of the following is an INCORRECT pair, in the context of the Adjustment Account given in General Ledger under self-balancing ledger system?
Which of the option shows the correct recording of the trade discount received on purchases in the books of accounts?
Which of the following statements is/are INCORRECT in the context of the Bank Reconciliation Statement?
(i) When balance as per the Pass Book is the starting point, direct deposits by customers are added.
(ii) When balance as per the Pass Book is the starting point, uncollected cheques are added.
(iii) When balance as per the Cash Book is the starting point, unpresented cheques are added.
Which of the following options DO NOT relate to examples of revenue expenditure?
a) Repair expenses
b) Insurance expense
c) Installation expenses
d) overhauling expenses of second-hand machinery
Ind AS 1 requires financial statements to comprise of SOCIE, a concept which was not there under Indian GAAP. SOCIE refers to
Which of the following pairs is NOT correctly matched in the context of account balances shown in the Trial Balance?
Failure to differentiate between capital and revenue expenditure results in Errors of ___ .
