Which of the following is a correct statement?
A. |
Accounting aims to communicate financial information to investors only
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B. |
Financial accounting provides information to management
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C. |
Book-keeping includes interpretation of financial statements
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D. |
Chartered accountant as an auditor makes the financial statements reliable to the users.
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Option: D Explanation : Click on Discuss to view users comments. |
A. | 1,3 and 4 |
B. | 2,3 and 4 |
C. | 2 and 3 |
D. | 1,2,3 and 4 |
Option: D Explanation : Click on Discuss to view users comments. |
A. | Conservatism concept |
B. | Materiality concept |
C. | Revenue recognition concept |
D. | Consistency concept |
Option: A Explanation : Click on Discuss to view users comments. |
A. |
Will be shown in Profit and Loss Account by way of deduction from the income received
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B. | Will be credited to Profit and Loss Account |
C. | Will not be shown anywhere |
D. |
Will be shown on the liabilities side of the balance sheet only
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Option: D Explanation : Click on Discuss to view users comments. |
A. | 1 and 4 |
B. | 1,2 and 4 |
C. | 1 and 3 |
D. | 2 and 3 |
Option: A Explanation : Click on Discuss to view users comments. |