State any one limitation of Analysis of Financial Statement.
Concept: Concept of Financial Statement Analysis
State any one limitation of Analysis of Financial Statement.
Concept: Concept of Financial Statement Analysis
what is trial balance ?
Concept: Meaning and Definitions of Partnership and Partnership Deed
Concept: Adjustments - Unrecorded Purchases and Sales
Closing stock is always valued at market price.
Concept: Effects of Adjustments-Closing Stock
State whether the following statement is True or False with reasons.
Not for Profit Concerns do not have profit motive.
Concept: Accounts of “Not for Profit” Concerns
What do you mean by 'sacrifice ratio'?
Concept: Admission of a Partner - Sacrifice Ratio and New Ratio
Give word / term or phrase for the following statement.
Excess of income over expenditure of a ‘not for profit’ concern.
Concept: Not for Profit Concerns
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
Following is the Receipts and Payments Account of Chamber of Commerce, Amaravati for the year ending 31st March 2012 and some additional information.
| Receipts and Payments Account For the year ended March 31, 2012 | |||
| Receipts | Amount | Payment | Amount |
| To balance b/d (Cash at bank) | 11,960 | By Printing and Stationery | 6,950 |
| To Subscription (Including Rs. 2,500 for 2010–11) | 36,500 | By Repairs | 2,100 |
| To Sale of furniture (Books value Rs. 18,000) | 12,000 | By Rent | 8,500 |
| To Donation for building fund | 27,000 | By Books | 20,000 |
| To Admission fees (Revenue) | 5,050 | By Travelling expenses | 2,000 |
| By Investments | 40,000 | ||
| By Insurance | 1,700 | ||
| By Balance c/d (Cash at bank) | 11,260 | ||
| 92,510 | 92,510 | ||
| Particulars | 1.04.2011 | 31.03.2012 |
| Outstanding Subscription |
3,000 | 5,000 |
| Furniture | 32,000 | 12,600 |
| Building Fund | 1,45,000 | |
| Capital Fund | 1,51,960 | |
| Investment | 2,50,000 |
Prepare Income and Expenditure A/c for the year ended 31st March, 2012 and Balance Sheet as on that date.
Concept: Preparation of Income and Expenditure Account and Closing Balance Sheet
State whether the following statement is True or False with reasons.
Not for Profit Concerns do not have profit motive.
Concept: Accounts of “Not for Profit” Concerns
Concept: Preparation of Statements for Single Entry System
Answer in one sentence only.
What is statement of affairs?
Concept: Preparation of Statements for Single Entry System
Answer the following question in one sentence only.
What are Noting Charges?
Concept: Basic Term of Bills of Exchange - Noting Charges
The inland bill which is drawn in and payable in the same country.
Concept: Important Terms of Bills of Exchange - Term of Bill
A bill can’t be deposited into a bank for collection.
Concept: Accounting Treatment of Bill - Sending the Bill to the Bank for Collection, Honour Or Dishonour and Insolvency
State whether the following statement is True or False.
A bill of exchange can be endorsed only once.
Concept: Accounting Treatment - Endorsement of the Bill, Honour/ Dishonour and Also Insolvency of Acceptor
Answer in one sentence only.
Who is a Drawer?
Concept: Accounting Treatment of Bill by the Drawer Or Holder and Drawee
Write True or False
Noting charges are payable to the Notary public on honour of a bill.
Concept: Basic Term of Bills of Exchange - Noting Charges
The debenture holder is owner of the company.
Concept: Meaning and Concept of Debentures
