For the following questions answer them individually
Which of the given statement(s) is(are) correct in the context of manufacturing account?
(i) A manufacturing Account is prepared for finding out the cost of goods produced (also called Cost of Production)
(ii) Sale of scrap and the closing work-in-progress are shown on the credit side of the manufacturing Account .
Which of the following is the correct match of the types of accounts and the rules?
(i) For personal accounts - a) Debit the receiver and credit the giver
(ii) For real accounts - b) Debit all expenses and credit all losses
(iii) For nominal accounts - c) Debit what comes in and credit what goes out
Which of the following are accounting limitations?
(i) Accounting system records only historical events.
(ii) Accounting ignores the effect of inflation on the value of fixed assets.
(iii) Accounting information does not include the costs of pollution and employee accidental injuries.
Krishna Ltd. purchased raw material 'R' . The cost price is ₹1,000. The other information is as follows:
Freight: ₹50
Unloading charges: ₹20
Trade discount: ₹15
Determine the cost of purchase for inventory valuation.
Which of the following can be an arrangement in case of accommodation bill?
(i) A bill is drawn for accommodation of the drawer only
(ii) A bill is drawn and the proceeds are shared by drawer and drawee.
Which of the following is/are INCORRECT match(es) of the account maintained in the context of self-balancing ledgers?
(i) Bought ledger adjustment account - Total creditors account
(ii) Sales ledger adjustment account - Total debtors account
Which of the following is/are example(s) of a two-sided error while recording a business transaction?
(i) ₹100 received from Deshmukh was posted to his account as ₹10.
(ii) The Purchases Book is overcast by ₹1,000.
(iii) A credit sale of ₹1,080 to Anand was wrongly recorded in the Sales Book for ₹1,800.
Which of the following statement is TRUE in the context of type of errors made while recording a business transaction?
i) A sale of Rs.500 made to Kamal has been posted on the debit side Of Kishore's Account is an example of one-sided
error.
ii) A payment of Rs.1,000 towards interest was posted twice to Interest Account is an example of one-sided error.
