Financial Accounting
Using “lower of cost and net realisable value” for the purpose of inventory valuation is the implementation of which of the following concepts
The going concern concept
The septate entity concept
The prudence concept
Matching concept
The prudence concept
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Bill of exchange is a conventent method for the transfer of:A. Cash
B. Goods
C. Debt
D. Investment
When noting charges are paid at the time of dishonour of the bill, the drawee always debits:
A. Noting charges account
B. Interest account
C. Discount account
D. Drawerโs account
The particular column in journal form is the column for:
A. Account title and description
B. Account title and date
C. Amount
D. Date
The income statement has normally.
A. One part
B. Two parts
C. Three parts
D. Four parts
Stock in trade is:
A. A current Asset
B. A fixed Asset
C. An intangible Asset
D. A wasting Asset
The word โBy โ is used with an account while making posting on:
A. Debit Side of an account
B. Credit side of an account
C. Both sides of an account
D. None of the above
Expenses relating to sale of goods are shown in:
A. Trading Account
B. Profit and Loss Account
C. Balance sheet
D. Sales Account
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