Questions
41
M/s Stationery Mart will debit the purchase of stationery to
Answer: Purchases A/c
43
A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
Answer: Event
46
A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
Answer: Accrual
47
If wages are paid for construction of business premises.......A/c is credited and........A/c is debited.
Answer: Cash, Premises
48
Value of goods withdrawn by the proprietor for his personal use should be credited to
Answer: Purchases A/c
49
Small items like, pencils, pens, files, etc. are written off within a year according to _ concept.
Answer: Materiality
50
Business enterprise is separate from its owner according to......concept.
Answer: Entity concept
51
The policy of anticipate no profit and provide for all possible losses arise due to the concept of
Answer: Conservatism
52
According to which concept, the proprietor pays interest on drawings
Answer: Entity concept
53
If the Market value of closing Inventory is less than its cost price, inventory will he shown at
Answer: Marketable value
54
The Market price of good declined than the cost price. Then the concept that plays a key role is
Answer: Realization
