Coli and iv
Dei and ii
Correct Answer:- Option-C
Question44:-The convention of Prudence when applied to the balance sheet results
‘A Overstatement of Assets
B:-Understatement of Liability
C-Overstatement of Liabilities
D-Understatement of Assets
Correct Answer:- Option-D
Question45:-Which of the following is true about financial statements?
(8) Financial statement gives a summary of accounts
(0) Financial statements can be stated as recorded facts
‘Only (a)
B:-Only ‏(ط)‎
‎೦-800 (3) 8೧6 (0)
D-None of the above
Correct Answer:- Option-C
Question46:-The format of Balance sheet of a company given under
‘AcSchedule Il Part
B:-Schedule Il Part |
CeSchedule Il Part I
०००५

Correct Answer: Option ®

Question47:-X's capital on Ist January, 2021 is 45,000, interest on drawings is 5,000, interest on capital is 2,000, drawings are 14,000, profit for the year is 15,000. His capital as on
31.12.2002 is

0ھ
0
0ء
60
‎Correct Answer:- Option ®‏
‎Questiona8:-Adjusting entries‏
‎‘AcAssign revenue to the period in which they are eared‏
‎B:-Help to properly measure the period's Net Profit/Loss‏
‎Bring asset and liability account to correct balances‏
‎D-All of about statements are true regarding Adjusting entries‏
‎Correct Answer:- Option-D‏
‎Question49:-Which of the following entries records the utility bill incurred but not paid from the water company?‏
‎‘Ac Debit utilities expense: Credit utilities payable‏
‎B:-Debit accounts payable: Credit utilities payable‏
‎C:Debit accounts payable: Credit cash‏
‎D:-Debit utilities payable; Credit accounts receivable‏

Correct Answer: Option:

‘Question50:-An item of revenue expenditure has been incorrectly treated as capital expenditure. What is the effect of this error?

Non-current Assets profit for the year
AUnderstated Overstated
B:-Understated Understated
C-Overstated Overstated
D:-Overstated Understated

Correct Answer: Option-C

‘QuestionS1:-As per Accounting Standard 6, under which circumstances the method of depreciation may be changed?
| When the adoption of new method is required by statute

1. When the change will help to show a higher amount of depreciation each year

Il. When it is required for compliance with an accounting standard