Accounting (CA - CPT)
| Description: Fundamentals of accounts | |
| Number of Questions: 15 | |
| Created by: Rekha Rai | |
| Tags: Mock Fundamentals of Accounting |
Which of the following is not a sub-field of accounting?
It is essential to standardise the accounting principles and policies in order to ensure
Revenue from the sale of products is generally realised in the period in which the
The determination of expenses for an accounting period is on the principle of
Change in accounting estimate means
The balance of petty cash is
In double entry system of book keeping, every business transaction affects
Choose the odd one out:
a. Office furniture and equipment b. Freehold land and building c. Inventory of raw materials d. Plant and machinery e. None of these
Subsidiary ledger contains which of the following information that general ledger does not?
Under inflationary conditions, _________ method will show the highest value of closing inventory.
Trial balance is prepared for
In the preparation of a bank reconciliation statement, if a debit balance as per the cash book is the starting point, then cheques issued, but not presented within the period, are
The portion of the acquisition cost of the asset yet to be allocated to profit and loss account is known as
External users of financial statements are
Whenever errors are noticed in the accounting records, they should be rectified