For the following questions answer them individually
The _______ Account shows the distribution of profit after the same has been earned and computed by a partnership firm .
When the holder of a bill endorses the bill to a third party, the bill is said to be endorsed. The party to whom the bill is endorsed is called a/an _______?
Consider the given statements and select the correct option in the context of the cost concept.
Assertion (A): The cost concept is applicable only to fixed assets and not to current assets.
Reason (R): If a firm does not pay anything for a fixed asset, it would not be recorded in the books of accounts.
A machine is purchased for Rs7,00,000. Expenses incurred on its cartage and installation Rs 3,00,000. Calculate the amount of depreciation @ 20% p.a. according to Straight Line Method for the first year ending on 31st March 2022, if this machine is purchased on 1st July 2021.
In the context of single-entry system, which of the given statement (s) is (are correct)?
(i) It is known as partial and incomplete recording of transactions.
(ii) This system is generally adopted by small traders, petty shop-keepers, doctors, advocates, and other
professionals.
(iii) The limited companies cannot adopt it because they have to maintain complete records of all transactions.
The Sports Club of Orissa had received in 2022-2023 , ₹2,000 towards subscription. Subscriptions for 2021-22 unpaid on 1 April 2022 were ₹200. Subscriptions paid in advance on 31 March 2022 were ₹50 and the same on 31 March 2023 were ₹40. Subscriptions for 2022-2023 unpaid on 31 March 2023 were ₹90. How will this be reflected in the books of accounts of a non-profit organisation?
Consider the following statements in the context of the nature of financial accounting. How many statements are correct?
i) It records only economic events.
ii) It records information as per some specified rules.
iii) It records business transactions only on cash basis.
Under the single-entry system when rent is paid,
i) it will be recorded in the Cash Book
ii) entry will be made in the Rent account
Which of the above statements is/are true?
Which of the following is (are) the attribute(s) of accounting information?
i) It should help in making inter-firm comparisons but not necessarily inter-period comparisons
ii) It should show an accurate and fair view of the profitability of the firm
iii) The financial statements should be accompanied by all the source documents while reporting to the stakeholders.
