cs course subjects-Theoretical Framework – Test 7

Capital can be classified as-

Which of the following is a fictitious asset?

Trademark is-

Which system of accounts recognizes the fact hat every transaction has two aspects and records both aspects of each and every transaction?

In double entry system of book-keeping every business transaction affects:

As per the provisions of the Companies Act, 2013, companies must maintain their accounts under-

Which of the following accounting equation is correct?

Which of the financial statement represents the accounting equation?

Difference between assets and outsiders liability-

The cost of the small calculator is accounted as an expense and not shown as an asset in a financial statement of a business entity due to-

Assets should be values at the price paid to acquire them is based on-

If a machinery is purchased for 1,00,000, the asset would be recorded in the books and 1,00,000 even if its market value at that time happens to be 1,40,000. In case a year after, the market value of this asset comes down to 90,000, it will ordinarily continue to be shown at 1,00,000 and not at 90,000 due to-

According to which concept, the owner of an enterprise pays the ‘interest on drawings’?

Mr. Ashok buys clothing of 50,000 paying cash 20,000. What is the amount of expense as per the accrual concept?

Capital = 1,00,000, Outsiders liability = 2,50,000, Total assets=?

Fixed assets = 5,50,000, Current assets = 2,25,000, Current liabilities =1,50,000, Bank Loan = 1,75,000. Capital=?

Current Assets-Current liabilities=?

On 1.1.2019, CS NS Zad paid rent of 25,000 for Zads Professional Academy. This can be classified as-

Me. Bhandari Purchased a car for 50,000, marking a down payment of 10,000 and signing a 40,000 bill payable due in 60 days. As a result of this transaction-

Accounting policy for inventories of X Ltd. states that inventories are valued at the lower of cost or net realizable value. Which accounting principle in followed in adopting the above policy?

On 31.3.2019 after sale of goods 2,000, Neelam is left with the closing inventory of 10,000. This is-

X Ltd., purchased goods for 5,00,000 and sold 9/10th of the value of goods for 6,00,000. Net expenses during the year were 25,000. The company reported its net profit as 75,000. Which of the following concept is violated by the company?

If right and beneficial interest in a property is transferred but documentation and legal formalities are pending then seller & purchaser should record in their accounts as sale & purchase. Which principle is applied here?

Provisions for doubtful debts, provision for discount on debtors are based on-

Purposes of an accounting system include all the following except-