Theory Base of ...

If a credit sale for Rs.200000 of two month is made on 15th Feb. 2012 and money received on 30 March 2012 then revenue earned is to be recorded on the month of

Capital and Revenue expenditure should be distinguished as per :

Prakash a consultant during financial year 2012-2013 earned Rs.400000. Out of which received Rs.250000. He incurred expenses of Rs.150000 out of which Rs.10000 are outstanding. He also received consultancy fee relating to previous year Rs.45000 and also paid Rs.20000 expenses of last year. Find out Prakash income for 2012-2013 following the accrual basis of accounting

Prakash a consultant during financial year 2012-2013 earned Rs.400000. Out of which received Rs.250000. He incurred expenses of Rs.150000 out of which Rs.10000 are outstanding. He also received consultancy fee relating to previous yearRs.45000 and also paid Rs.20000 expenses of last year. Find out Prakash income for 2012-2013 following the cash basis of accounting

Manish purchased 2000 sq. yards land to build a factory and paid Rs. 18lakh towards its cost including registration charges. At the end of financial year, the value of the land came down to Rs. 13 lakh.Manish recorded the land at Rs.15 lakhs and booked loss of Rs.3 lakh. Is he correct in treating the fall in value as a loss

Meaning of return outward is :

'Businessman is the creditor of the business to extent of his capital'. According to :

An enterprise prepares its account under the accrual basis. Salaries amounting to Rs. 20000 for the month of March 2013 was not paid. The owner did not want to account it in the books of accounts on the ground that the amount was not paid. The enterprise closes its account on 31st March every year. Is he correct?

Profit should be considered only when realized, according to concept of :

'Closing stock is valued at cost or market price whichever is less ' According to :

Window dressing is prohibited by convention of :

There should be uniform accounting policies and methods from one period to another, according to :

According to Going Concern Concept, a business is assumed to have :

What is the financial accounting period for calculation of Tax?

If a firm adopts one method in the previous year and the other method in next year. Which assumption is violated here

During the financial year 2012-2013 Atul had cash sales Rs.80000 and credit sales of Rs.50000.His expenses for the year were Rs. 40000 out of which Rs.10000 is still to be paid. Find out Atul’s income for 2012-2013 following the cash basis of accounting

During the financial year 2012-2013 Atul had cash sales Rs.80000 and credit sales of Rs.50000.His expenses for the year were Rs.40000 out of which Rs.10000 is still to be paid. Find out Atul’s income for 2012-2013 following the accrual basis of accounting

Non-monetary information is not recorded in books of accounts due to :

Only those transactions are recorded in the books of accounts which can be expressed in monetary terms. According to :

According to the Cost Concept :

Insurance premium paid for a year is Rs.1200 on July 01 and if accounts are closed on March 31, every year, then the insurance premium of the current year will be

Assets = Capital + Liabilities, according to :

Machinery purchased for Rs.150000 in cash and Rs.5000 was spent for installation for machine and Rs.15000 spent on carriage of machine. Then the cost of machine will be

'Financial statements should disclose all material information' According to :

Liquid assets are same as current assets but there is one difference :