A. Liability
B. Gain
C. Assets
D. Loss
Correct Answer: Assets ✔
Last Updated: August 10, 2017
Related MCQs
- Which of these transactions will not be recorded in cash book?
- In a three column cash book__________does not exist?
- Cash book records?
- Any gain on the sale of non-current assets should be _ from the net profit and the loss must be _________to the net profit in determining fund from operation?
- Which of the following is an one sided error?
- Which of the following error is an error of principle
- Which of these errors affect two or more accounts
- Which of these errors affect only one account?
- Which of the following items should not be capitalized relating to fixed assets?
- Which of the following enhances the earning capacity of an asset?
- Which one of the following is a capital expenditure?
- Which of the following statements are / is true? – Events after Balance Sheet are?
- Which one of the following should be considered a revenue expenditure?
- The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
- Which of the following is an item of capital expenditure?
- Any donation received for a specific purpose is a_________?
- Which of the following is not a deferred revenue expenditure?
- Capital expenditure is an expenditure which
- Which of the following should not be treated as revenue expenditure?
- Which of the following errors affects the agreement of a Trial Balance?
- The accountant of Leo Ltd. recorded a payment by cheque to a creditor for supply of materials as 1,340.56. The bank recorded the cheque at its correct amount of 3,140.56. The Company has not passed any rectification entries and the error is not detected through the bank reconciliation. The impact of this error is
- The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by
- Purchase journal is kept to record__________?
-
For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows:
March 31,2010 – ` 56,000
March 31, 2011 – ` 51,000
March 31, 2012 – ` 64,000
The entry on March 31, 2012 to rectify these omissions would include a - If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then
- Which of the following is not correct about Errors?
- While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result
- Which of the following statements is correct about Trial Balance?
- The adjustment to be made for income received in advance is:
- Which of the following statements is true?
- Closing stock in the Trial Balance implies that__________?
- Journal proper is meant for recording__________?
- Which of the following is true?
- Which of the following errors is an error of omission?
- During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
- The concept of conservatism will have the effect of__________?
- Buildings account is debited with an amount towards repairs. This is an example of?
- The amount payable to a person as consideration for the use of rights vested in him is
- Which of the following methods is not a practical way of realizing revenue?
- A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.
- Which of the following assets is/are to be valued at the lower of cost and net realizable value?
- Closing stock is generally valued at__________?
- Which of the following is true regarding closing entries?
- Which of the following statements is/are true ?
- Amount paid to Masood posted to the credit side of his account would affect__________?
- Total depreciation of an asset cannot exceed its:
- A chart of accounts generally start with which of the following types of accounts?
- The first step in accounting process is__________?
- Discount for quick repayment of debt is normally referred as__________?
- Which of the following accounts will be credited if a company purchases building for cash?
- In which of the following orders data is entered in journal?