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Fundamentals Of Accounting And Auditing - Accounting And Auditing Section 1

Avatto > > CS foundation > > PRACTICE QUESTIONS > > Fundamentals Of Accounting And Auditing > > Accounting And Auditing Section 1

1. Which accounting concept satisfies the valuation criteria.

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2. 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?

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3. In which of the following cases, accounting estimates are needed?

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4. Deewali advance given to an employee is

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5. A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items.
(i)The cost of an asset Rs.23,000 has been taken as an expense
(ii) The firm anticipated a profit of Rs.12,000 on the sale of old furniture
(iii) Salary of Rs.7,000 outstanding for the year has not been taken into account.
(iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000.
What is the correct amount of profit to be reported in the books?

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Accounting And Auditing Section 1