| A. |
Any transaction / event inspite of being very important cannot be recorded in the books of accounts, if it cannot be expressed in money value.
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| B. |
As per this concept, a transaction is recorded at its money value on the date of occurrence and the subsequent changes in the money value are conveniently ignored.
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| C. | Both (A) and (B) |
| D. | None of the above |
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Option: C Explanation : Click on Discuss to view users comments. |
| A. | The sale of goods |
| B. | The rendering of services |
| C. |
The use by others of enterprise resources yielding interest, royalties and dividends
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| D. | All of the above |
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Option: D Explanation : Click on Discuss to view users comments. |
| A. |
Are expected to be used during more than one accounting period
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| B. | Have a limited useful life |
| C. |
Are held by an enterprise for use in the production or supply of goods and services, for rental to others, or for administrative purposes and not for the purpose of sale in the ordinary course of business
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| D. | All of the above |
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Option: D Explanation : Click on Discuss to view users comments. |
| A. |
If the adoption of the new method is required by statute
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| B. |
For compliance with an accounting standard
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| C. |
If it is considered that the change would result in a more appropriate preparation or presentation of the financial statements of the enterprise
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| D. | All of the above |
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Option: D Explanation : Click on Discuss to view users comments. |
| A. |
Expenses incurred in the normal course of business, for example, expenses of administration, expenses incurred in manufacturing and selling products. Examples of such expenses are salaries, rent, insurance, postage, stationary, repairs to assets.
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| B. |
Expenses incurred to maintain the business, for example, replacements for maintaining the existing permanent assets cost of stores consumed in the course of manufacturing, for example, oil, cotton-waste, machinery, spares consumed.
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| C. |
Depreciation on fixed assets, interest on loans for business, loss from sale of fixed asset.
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| D. | All of the above |
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Option: D Explanation : Click on Discuss to view users comments. |
