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Consider the following statements.
Statement 1 - "Going Concern concept assumes that the enterprise continues for a long period of time."
Statement 2 - "Going Concern concept assumes that the enterprise continues for a shorter period of time."
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What are the items shown under the heading 'Reserves and Surplus'?
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What are the items shown under the heading 'Miscellaneous expenditure?'
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Match the following:
| (i) | Gross profit | (a) | The explanatory notes to financial statements |
| (ii) | Operating profit | (b) | Amounts receivable by the company |
| (iii) | Sundry Debtors | (c) | Amounts payable by the company |
| (iv) | Sundry Creditors | (d) | Sales - Cost of good sold |
| (v) | Schedules | (e) | Gross profit - Operating expenses |
| (vi) | Net profit | (f) | Operating profit - interest and tax |
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The dissolution of partnership may take place in the following ways?
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What are the uses and importance of financial statements?
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A firm is dissolved with the consent of all the partners or in accordance with a contract between the partners is known as ______
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What are the limitations of financial statements?
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On which of the following grounds the court may order a partnership firm to be dissolved?
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Name the expenses that are incurred in connection with the formation of a company?
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Provision of taxation is made by debiting which account?
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What are the items shown under the heading of "Investments" in the balance sheet?
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What are the items shown under the heading of "Current assets" in the balance sheet?
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What are the components of income statement?
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Find out Cost of goods sold Opening stock = 1002, Purchases = 50,000, Wages = 5000, Manufacturing expenses = 20,000.
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Name the account opened to find out the Profit or Loss on Sale of Assets and Settlement of Liabilities?
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Write the word/term/phrase, which can substitute each of the following statements.
"Liability likely to arise in future on happening of certain events".
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Consider the following statements
Statement 1: "The firm is dissolved automatically, on the retirement all partners."
Statement 2: A firm dissolves on the retirement of a partner.
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Consider the following statements
Statement 1: "On dissolution Cash or Bank Account is closed automatically".
Statement 2: This is done because of the double- entry system of book-keeping.
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Consider the following statements
Statement 1: "Dissolution takes place when the relation among the partner's comes to an end."
Statement 2: "This can be done either voluntarily or compulsorily."
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