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W h ic h o f th e fo llo w in g a c c o u n tin g p rin c ip le s ta te s th a t a d v a n c e s a la ry p a id to a n e m p lo y e e d o e s n o t d e b ite d to In c o m e S ta te m e n t a t th e tim e o f p re p a rin g F in a n c ia l S ta te m e n ts (a ) C o n s is te n c y (b ) M a tc h in g (c ) D u a l A s p e c t (d ) C o st r : it;fJ a iti ::;a iaa c c o u n t is r.1 (a ) R e a l A c c o u n t (b ) R e p re s e n ta tiv e P e rs o n a l /\c c o u n t (c ) F ix e d A s s e t A c c o u n t .

(d ) F ic titio u s A c c o u n t S e le c t a n a c c o u n t w h ic h y o u fe e l a s th e o d d o n e in th e lis t (a ) F u rn itu re A c c o u n t (b) P re p a id S a la rt A c c o u n t (c ) G o o d w ill A c c o u n t (d ) D e p re c ia tio n A c c o u n t Id e n tify th e o d d o n e fro m th e list (a ) A m o rtis a tio n (b ) O b s o le s c e n c e (c ) C a p ita lis a tio n (d ) D e p le tio n J o in t life p o lic y a c c o u n t is (a ) N o m in a l A c c o u n t (b ) R e a l A c c o u n t (c ) P e rs o n a l A c c o u n t (d ) S u s p e nA e s lc W h ic h o f th e fo llo w in g is n o t a n e s s e n tia l fe a tu re o f a p a rtn e rs h ip . (a ) A s s o c ia tio n o f tw o o r m o re p e rs o n s (b ) C o m p u ls o ry re g is tra tio n (c ) M u tu a l A g e n c y . (d ) E x is te n c e o f B u s in e s s A s p e r P a rtn e rs h ip A c t, w h ic h o f th e fo llo w in g rig h ts a re a v a ila b le to th e p a rtn e r (a ) S a la ry (b ) In te re s t \ c ) E q u a l p ro fit a n d lo s s (d ) A ll o f th e A b o v e If th e G ro s s P ro frt R a tio is 2 5 % a n d th e C o s t o f G o o d s S o ld is R s . 6 ,0 0 ,0 0 0 , th e a m o u n t o f G ro s s P ro fIT is ) R s . 2 ,0 0 ,0 0 0 (b ) R s . 1 ."0 ,0 0 0 (c) R s . 2 ,5 0 ,0 0 0 . (d ) R s . 8 ,0 0 ,0 0 0 Id e n tify th e c o rre c t (a A c c o u n tin g e q u a tio n (a ) O w n e r's c a p itas s e ts + O u ts id e L ia b ilitie s (b ) =Al A s s e ts O u ts id e L ia b ilitie s - O w n e r's c a p ito ! = (c ) O u ts id e L ia b ilities s e ts O w n e r's c a p ita l (d ) =A + A s s e ts O w n e r's C a p ita l + O u ts id e lia b ilitie s T o ta l = A s s e ts a n d O w n e r's C a p ita l, B o th in c re a s e b y (a ) S a le o f G o o d s o f R s . 1 0 ,0 0 0 to rR s . 1 1 ,0 0 0 ( b )S a le o f G o o d s o f R s . 6 ,0 0 0 fo r R s . 5 ,0 0 0 (c ) S a le o f F u rn itu re o f R s . 2 0 ,0 01 8fo r0 R s * 0 ,0 0 (d ) O w n e r w ith d ra w s G o o d s o f R s . 1 0 ,0 0 0 fo r p e rs o n a l u s e . A n a m o u n t o w e d to o u ts id e r is (a ) a n a s s e t . (b ) a lia b ility (c ) a p ro fit (d ) ~ (~r;:al . Id e n tify a n a u th o rity w h ic h is s u e s a n A c c o u n tin gIn dta n d a rd s In S ia (a )IqAI (b)ICFAI (c )ICW AI (d) IFel C a p ita l is s h o w n a s lia b ility b e c a u s e o f th e . (a ) C o n s e rv a tis in co n c e p t (b ) C o s t(CCE (ltitypC o n c e p t (d ) G o in g C o n c e rnJ C o n c e p t ) once t

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TR U E O R FA LS E o not ap 0.1 T h e "E n tity co n c e p t" o f a cc isu n tin g p lic a b le to s o le tra d in g c o n c e rn s a n d p a rtn e rs h il co n c e rn s , 1 a T ru e b . F a ls e T h e d u a l a s p e c t co n c e p t re s u lts c o u ne e q u a tio n : C a p+ L ia b ilitie=sA s s e ts a c in th tin g tta l a . F a ls e b . T ru e 2 F IL L IN T H E B L A N K S re o c in g , 0.2 A c c o u n tin g re fe rs to th e p ro c e s s o f c oclle rdtins u m m a riz in g a n d c o m m u n ic a tin g _ a . a cc o u n tin g rm a tio n in fo b . fin a l in fo rm a tio n 1 c . b u s in e s s in fo rm a tio n d . fin a n c ia l in fo rm a tio n A c c o u n tin g c o n c e p ts a re th o se b a s ic a s s u m p tio n s u p o n w h ic h th e _ o f a c c o u n tin g is b a s e d . a . s cie n ce b . in fo rm a tio n c . s ta tis tics d . m a th s F IN D C O R R E C T A N S W E R S C o n tin g e n t lia b ility is s h o w n in th e b a la n c e s h e e t. T h is a ris e s o u t o f: a . c o n v e n tio n o f d is c lo s u re b . c o n ve n tio n o f m a te ria lity e . c o n ve n tio n o f co n s is te n cy d . co n s e rv a tis m A ch a n g e in m e th o d o f d e p re c ia tio n fro m W D V to S L M k n o w n a s a . c h a n g e in a c co u n tin g e s tim a te b . c h a n g e in a c c o u n tin g p o lic y c . c h a n g e in c o m p a n y p o licy d . b o th (a ) a n d (b ) M A T C H T H E F O L L O W IN G 1.N a tu ra l p e rs oA lel na 2 . R e p re s e n ta tive p e rs le3 : In ta n g ib le re lel a.O u ts ta n d in g S aa le A onal Aa 2 la ry A.a . 1 -c b .2 -b e .3 -a 1 -. b b . 2 - e.3 -e a. B a b.G o o d w inle a 1.A rtific ia l p e rs oA le l na c . M o h aa le n 2.T a n g ib le re ale3 . N o m inA le Al al C.a. 1 -c b . 2-a c. 3 - D .. b A.a. 1 -e b . 2 - e. 3 -a b a. 1 -a b . 2 -e c. 3 - b a .. B.a. 1 - b b . 2 - e.3 -a e 2 R e n t le a A N S W E R b . IC IC I L T D . S a /c e . S to ck le a 0 .1 TR U E O R FA LSE C . a. 1 - c b . 2 - c. 3 - b a 1 = b . F a ls e D . a. 1 -a b . 2 - c.3 - b 2 c 0 .2 F IL L IN T H E B L A N K S = 1 = b . fin a l in fo rm a tio n a . T ru e 0 .3 F IN D C O R R E C T A N S W E R S 1 = a .co n v e n tio n o f d is c lo s u re 2 = a . s cie n ce 0 .4 M A T C H T H E F O L L O W IN G 1 = C . 1 -c b . 2 -a c 3 -b 2 = d . b o th (a )(b ) &

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1.T h e p rim e fu n ction of accou n tin g is to : (1 ) R e co rd econ om ic d a ta (2 ) P rovid e the in form a tion al b asis for a ctior:!, (3) C la ssifying a n d record ing b u sin ess tra n sa ction s, (4) A tta in non - econ om ic goa ls , 2.T h e b asic fun ction of fin an cia l a ccou n tin g is to (1 ) R e co rd all b usin ess tra nsa ction . (2) In terpret th e. fin a n cia l d a ta . (3 ) A ssist th e m an a gem en t in p erform in g fu n ction s effectively. 3 .- M a na gem en t A ccou n tin g p rovid es in va luable services to m ana gem en t in p erform in g: (1 ) a ll m an a gem en t fun ction s. (2 ) C o-ordin a ting m an agem en t fu n ctions (3 )C O fi'v :lijjg fu n c ~ ;v '-I';. 4.B ook -keep in g is m a in ly con cern ed w ith ; (1 ) R e co rd in g o f fin a n cial data re la ting to b usin ess op era tion s. (2) D esign in g th e system s in record ing, cla ssifyin g, su m m arizing th e .re cord ed d a ta. (3 ) In te rp retin g th e da ta fo r intern al a nd ex tem a l en d u sers. 5.A ccou n tin g prin cip les a re gen era lly b a sed on (1 ) P ra ctica b ility (2) S ub jectivity (::' C on ven ien ce in re cordin g 6.T hes y s te m recordin g tra n sa ction s b 8sed on d u a l a sp ect con cep t is called of (1 ) D ou ble a ccou nt system (2) D ou b le en try system (3 ) S in gle en try system 7.T h e pra ctice o f a p p end in g n otes rega rd in g contingent liab ilities in a ccou nting s tatem en ts is in p u rsua n t to : '( 1 ) C on vention of con sisten cy (2 ) M on ey m easurem en t concep t (3) C on ven tion of conserva tism (4 ) C on ven tion o f d isclosu re 8.A ccord in g to m on ey m easurem en t con cep t, th e follow in g w ill b e record ed in the books o f a ccou nts o f th e b u sin ess:,', (1 ) H ea lth of th e m ana gin g d irector o f th e com pa ny ,(2) Q u a lity o f com p an y's go ods. (3) V a lu e o f plan t a n d m a chin ery 9, T h e conven tion o f con servatism is a p p lica ble (1) In provid in g fo r d iscou n t on cred itors (3 ) P rovid in g for d epreciation . (2) In m a kin g p rovision for b ad a n d d ou b tfu l d eb ts. 1 0. he con ven tion o f con serva tism , w h en a p p lied to th e b a lan ce sh eet, result in T (1 )' U n d erstatem en t o f assets ' (2) U n d ersta tem en t of lia b ilities (3) O versta tem ent o f cap ita l 11.T h e a m oun t b rou gh ty in prop rietor in th e b u sin ess sh ou ld be credited to b the (1) C a sh a ccou n t . (2 ) C a p ita l a ccou nt (3 ) D ra w in g a ccou n t 12.T h e a m oun t sa la ry p aid to su resh sh ou ld be debited to ~f (1 ) T h e a ccou n t'of suresh (2) S ala ries accoun t (3) C a sh a ccou n t 13.T h eretu m f ood s y : : 1cu stom er shq u ld b e d ebited to og b (1 )C u stom e(s a ccou n t (2) sa les retu m s a ccou n t (3 ) G ood s a ccoun t 14.S a les m a d e to M a h esh fors ca shb e d eb ited to h O U ld (1 ) . ca sh a ccou n t (2 ) M a h esh (3 )S a les a ccou nt

15 T h e re n t p a :d to th e la n d lo rd b e cre d ite d to . (1 ) L a n d lo rd 's a cc o u n t (2 ) R e n t a c co u n t (3 ) C a s h a cc o u n t.. 1 6. h e c a s h d is co u n t a llo w e d to a d e b to r s h o u ld b e c re d ite d to T (1 ) D is c o u n t a cc o u n t. ) C u s to m e r's a c c o u n t. (3 ) S a le s a c c o u n t. (2 1 7.n c a s e o f a d e b t b e c o m in g b a d , th e a m o u n t s h o u ld b e c re d ite d to I (1 ) D e b to r's a c co u n t (2 ) B a d d e b ts a c c o u n t (3 ) S a le s a c c o u n t. 1 8. e v e n u e is s a id to b e re a liz e d R (1 ) W h e n th e s a le s a re m a d e . (2 ) W h e n th e g o o d s a re m a n u fa c tu re d . (3 ) W h e n c a s h is re c e ive d . 1 9. h e te rm "E xp e n s e " d e n o te s T (1 ) P a y m e n t o r th e in c u rrin g o f a d e b t fo r a n a ss e t (3 ) C o s t w h ich fa ils to p ro d u c e re ve n u e . (2 ) C o s t o f s e rv ic e s a n d th in g s u s e d fo r g e n e ra tin g re ve n u e . 20 i.n ca s e o f g o ld , re v e n u e is re co g n is e d in th e a c co u n tin g p e rio d in w h ic h th e g o ld (1 ) is m in e d (2 ) is s o lu (3 ) is d e liv e re o . . 2 1 . In c a s e o f lo n g te rm co n tra cts , re v e n u e is g e n e ra lly re c o g n is e d (1 ) O n ly o n fu ll c o m p le tio n o f th e c o n tra c t.(2 ) O n ly w h e n th e fu ll c a s h is re c e iv e d .. .. ,(3 ) E ve n w h e n a p a rt o f th e co n tra ct h a s b e e n co m ~ le te d . 2 2. n c a s e o f tra d itio n a l a p p ro a c h , th e e x p e n s e s to b e m a tc h e d w ith re v e n u e is b a s e d o n I (1 ) O rig in a l c o s t (2 ) R e p la c e m e n t c o s t (3 ) C a s h c o s t . 23.C o s t o f g o o o s p u rc h a s e d fo r re s a le is a n e x a m p le o f .. (1 ) D e fe rre d R e v e n u e E x p e n d itu re . (2 ) R e v e n 'u e E x p e n d itu re .. (3 ) C a p ita l E xp e n d itu re . ' 24: R s 5 ,0 0 0 s p e n t o n re p la ce m e n t o f w o rn G u t p a rt o f th e m a ch in e w ill b e c h a rg e d a s (1 ) C a p ita l E x p e n d itu re (2 ) R e ve n u e E x p e n d itu re (3 ) D e fe rre d R e v e ,n u e E xp e n d ttu re . 25. D is c o u n t a llo w e d o n is s u e s o f s h a re s is a n e x a m p le o f . ('1 ) C a p ita l E x p e n d itu re . (2 ) R e v e n u e E xp e n d itu re .(3 ) D e fe rre d R e v e n u e E xp e n d ttu re . . 2 6 . P re lim in a ry E x p e n s e s a re a n e x a m p le o f (1 ) R e ve n u e E x p e n d itu re : (2 ) D e fe rre d R e v ~ n u e E x p e n d itu re (3 ) . C a p ita l E xp e n d it~ re :' . 2 7. n e xp e n d itu re is tre a te d a s o f c a p ita l n a tu re , w h e n A (1 ) T h e re c e iv e r o f th e a m o u n t is g o in g to u s e it fo r th e p u rc h a s e o f fix e d a s s e ts . (2 ) It in cre a s e s th e q u a n tity o f fix e d a s s e ts . (3 ) It is p a id fo r m e e tin g th e n o rm a l e x p e n s e s o f th e b u s in e ss . 28. D e p re c ia tio n o f fixe d a s se ts is a n e x a m p le o f . (1 ) R e ve n u e E x p e n d itu re (2 ) C a p ita l E x p e n d itu re . (3 ) D e fe rre d R e v e o u e E x p e n d itu re . 29. R e p a irs in c u rre d b e fo re u s in g a s e co n d h a n d c a r p u rc h a se d re c e n U y is a . (1 ) C a p ita l E x p e n d itu re (2 ) R e ,ve n u e E x p e n d itu re (3 } D e fe rre d R e v e n u e E xp e n d itu re . 30. S a le s a re e q u a l to . ~ .... , (1 ) C o s t o f g o o d s -s o ld fit.' + P ro (2 ) C o s t o J .Q o o d s o ld - G ro s s P ro fit. . (3 ) G ro ss P ro fit - C o s t o f g o o d s s o ld . 3 1 I. n te re s t o n D ra w in g s is (1 ) E xp e n d itu rethfob u s in e s s er '(2 )E x p e n s e fo r th e b u s in e s s. (3 ) G a in fo r th e b u s in e s s. 3 2 G o o d s g iv e n a s s a m p le s s h o u ld b e c re d ite d to . (1 ) A d v e rtis e m e n t A c co u n t. (2 ) S a le s A cc o u n t. . ill P u (c h a s e s A c c o u n t

33.O u ts ta n d in g S a la rie s a re s h o w n a s . (1 ) A n e x p e n se , (2 ) A lia b ility (3 ) A n a s;:ie t. '3 4 . In co m e T a x p a id b y a so le p ro p rie to r o n h is b u s in e ss in co m e s h o u ld b e (1 ) D e b ite d to th e T ra d in g A cco u n t. (2 ) D e b ite d to th e P ro fit a n d L o s s A cco u n t. (3 ) D e d u cte d fro m th e C a p ita l A cco u n t in th e B a la n ce S h e e t. 35 D e p re cia tio n is th e p ro ce ss o f . (1 ) A p p o rtio n m e n t o f th e c o st o f th e a sse t o ve r its u s e fu l life .(2 ) V a lu a tioa ssf e ts . no (3 ) M a in te n a n ce o f a ss e t in a sta te o f e ffic ie n cy 3 6 . 'M a ch in e H o u r R a te M e th o d o f ch a rg in g d e p re c ia tio n is u s e fu l w h e n (1 ) O u tp u t ca n b e e ffe ctiv e ly m e a s u re d . (2 ) U s e o f th e a ss e t ca n b e m e a s u re d i.n te rm s o f tim e . (3 ) U tility o f th e a ss e ~ ca n b e d ire ctiy re la t~ d to a s ~ io d (Jctiv e u s e . ' 37 P ro fit a n d L o s s o n d e p re cia tio n fu n d in v e stm e nt is tra n sfe rre d to : . (1 ) P :-o fit a i.~ L a ss A cco uill& A ~) ;:,t:l l,;t;O U IIL n t. (2 A (3 ) D e p re cia tio n t-u n d A cco u n t. 3 8 , T h e p ro fit o n d e p re cia tio n p o licy is tra n s fe rre d to : (1 ) D e p re cia tio n R e s e rve A cco u(2t) P ro fit a n d L o s s A cco u n t (3 ) A sse tA cco u n t. n 39 I. n ca se o f A n n u ity M e th o d , th e a m ou n t o f d e p re c ia tio n is (1 ) In cre a s in g e v e ry y e a r. ) F ix e d fo r a ll th e ye a rs (3 ) D e c re a sin g e v e ry ye a r. (2 40 F o r p ro v id in g d e p re cia tio n o n le a se h o ld p ro p e rty , th e a p p ro p ria te m e th o d o f d e p re c ia tio n is . (1 ) R e p la cem e n t M e th o d (2 ) R e v a lu a tio n M e th o d (3 ) F ixe d In s ta llm e n t M e th o d . 41 D e p le tio n m e th o d o f d e p re cia tio n is u s e d in . (1 ) C ~ ttle J lo o s e to o ls e tc.(2 ) M in e s, q u a rrie s e tc . (3 ) M a ch in e ry , b u ild in g , fu rn itu re e tc . 42. h e in te re st lo s t o n th e a cq u is itio n o f a n a s se t is ta ke n in to a cco u n t in ca lcu la tin g d e p re cia tio n in T (1 ) n e p le tio n M e th o d ,. (2 ) A n n u i~ ' M e th o d (3 ) D im in ish in g B a la n ce M e th o d . 43.In th is m e th o d d e p re cia tio n is c h a rg e d b y a llo ca tin g d e p re c ia b le co st in p ro pIo rtio n o f th e a n n ua l , o u tp u t to th e p ro b a b le life -tim e o u tp u t: " , (1 ) W o rkin g H a U l? M ~ th o d . '(2 ) P ro d u ctio n U n its M e th o d(3 ) R e va lu a tio n M e th o d . 44 B ra n ch A cco u n t u n d e r D e b to rs ' S y s te m is . (1 ) R e a l A cco u n t (2 ) P e rs o n a l A cco u n t a n d (3 ) N o m in a l A cco u n t. 45 U n d e r D e b to rs ' S y ste m , C re d it S a le s a re . (1 ) D e b ite d to th e B ra n ch A cco u n t (2 ) C re d ite d to th e B ra n ch A cco u n t; a n d (3 ) N o t s h o w n a n yw h e re in th e B ra n ch A cco u n t. 46. n d e r th e B ra n ch F in a l'A cco u n t S y ste m , th e B ra n ch A ccO u n t is o f th e n a tu re o f a U (1 ) R e a l A cco u n t (2 ) P e rs o n a l A cco u n t a n d (3 ) N o m in a l A cco u n t. 47 I. n th e . ca s e o f a n In d e p e n d e n t B ra n ch th e H e a d O ffice A cco u n t m a in ta in ed 'b y th e B ra n ch is o f th e n a tu re o f a ' (1 ) R e a l A cco u n t (2 ) P e rso n a l A cco u n t a n d (3 ) N o m in a l A cco u n t. 48. n d e r F o re ig n B ra n ch R e v e n u e Ite m s s h o u ld b e co n v e rte d a t U (1 ) O p e n in g R a te o f E x ch a n g e (2 ) C lo s in g R a te o f E x ch a n g e a n d (3 ) A ve ra g e R a te o f E xch a n g e . 4 9 . G o o d s s e n t b y th e H e a d O ffice to th e B ra n ch , n o t re ce iv e d b y th e B ra n ch a re cre d ite d 'u y th & H e a d , , O ffice to . (1 ) B ra n ch A cco u n t (2 ) G o o d s -in -tra n s it A cco u n t (3 ) T ra d inA le. g

5 0 W h e n g o o d ~ a re in v o ice d to B ra n ch a t se llin g p rice . th e v a lu e o f g o o d s is a d ju s te d b y . (1 ) D e b itin g G o o d s S e n t to B ra n ch ' A cco u nre d itin g G o o d s S e n t to B ra n ch A cco u n t (2 ) C ~ and '(3) C re d itin g S to ck R e s e r'v e A cco u n t: 5 1 . In th e ca se o f a F o re ig n B ra n ch , C u rre& L iass e ts s s h o u ld b e co n v e rte d a t n t A b ilitie .. (1 ) R a te p re v a ilin g o n th e la s t d a te o f th e (2e aA ve ra g e R a te ; a n d y) r (3 ) R a te p re va ilin g o n th e b e g in n in g d a te o f th e y e a r. 5 2. o o d s su p p lie d fro m H e a d O ffice le ss G o o d s re ce ive d fro m H e a d O ffice re p re se n tG (1 ) G o o d s re tu rn e d to H e a d O ffice G o o d s -in -tra n s it a n d (3 ) P ro fit o n . G o o d s. (2 ) 5 3. o n tin g e n t lia b ility is sh o w n in th e b a la n ce sh e e t. T h is a ris e s o u t o f: C (1 ) C o n ve n tio n o f d is clo s u re (2 ) . C o n ve n tio n o f m a te ria l o n v e n tio n o f c o n sis te n cy (3 ) C 5 4 R e v e n u e is g e n e ra lly re co g n is e d a s b e in g e a rn e d a t th e p o in t o f tim e : . (1 ) S a le s is e ffe cte d (2 ) C a sh is re ce ive d (3 ) P ro d u ctio n is c o m p le te d 5 5 F u n d a m e n ta l a cco u n tin g a s su m p tio ns 'a s p e r A S -1 a re (1 ) . g o in g co n ce rn , co n s is te n cy a n d a ccru a l ( 2 ) m o nm y a su rm e n t, p ru d e n ce a n d g o in g co n ce rn (3 ) ee g o in g co n ce rn , m a tch in g a n d co n s is te n cy 5 6. w o q u a lita tive c h a ra cte rstics o f fin a n cia l s ta te m e n ts a re T (1 ) M a te ria lity lia b ility (2 ) R e le va n ce a n d re lia b ility (3 ) U n d e rsta md a b ria lity & re & n a te ility 5 7 I. n v e n to rie s a re a ss e ts (1 ) H e ld fo r s a le in th e o rd in a ry co u rs e o f b u s in e ss (2 ) In th e p ro ce ss o f p ro d u ctio n fo r s u ch sa le (3 ) B o th o f th e a b o ve 58.A s p e r A S -2 o n in v e n to ry va lu a tio n co st o isin v e nrmry e d b y a p p ly in g f d e te to in (1 ) F IF O (2 ) L IF O (3 ) H IF O 5 9. h e co s t o f in ve n to rie s s h o u ld co m p ris e T (1 ) C o st o f p u rch a se s ) C o s t o f co n v e rsio (3 ) B o th (2 n 60. A S -2 re q u ire s th a t th e fin a n cia l sta tem e n t s h o u ld d is clo se .' (1 ) T h e a cco u n tin g p o licie s a d o p te d in m e a su rin g in ve n to rie s, in clu d in g th e co s t fo rm u la . u se d (2 ) T h e a cco u n tin g p o lic ie s a d o p te d in m e a s u rin g th e in v e n to rie s , e xclu d in': f Sth(3 )c o s t fo rm u la g OeO T h e ca rry in g a m o u n t o f in v e n to rie s n o t cla ss ifie d to a p p ro p ria te e n te rp ris e 61 A S -4 d o e s n o t a p p ly to co n tin g e n cie s w h ich m a y re su lt fro m . (1 ) . O b liga tio n s u n d e r re tire m ~ n t b e n e fit p la n s (2 ) C o m m itm e n ts a ris in g fro m lo n g te n n le a s e co n tra cts (3 ) B o th 62 T h e a m o u n t o f p rio r p e rio d ite m s s h o u ld b e d is clo se d . (1 ) S e p a ra te ly in th e sta tem e n to flo ss fit & p ro (3 ) b o th (2 ) S e p a ra te ly in th e s ta te m e nt o f re ta in e d e a rn in g s ; 63.A ch a n g e in a n a cco u n tin g p o licy s h o u ld b e m a d e o n ly if th 3 d iffe p ta tio n o f u n tin g e a d a re n t a cco p o licy is re q u ire d (1 ) B ysta tu e (2 ) fo r c o m plia n ce w ith a n a cco u n tin g sta n d a rd (3 ) B o th 64 A S -6 o n D e p re cia tio n A cco u n tin g a p p lie s to . (1 ) W a stin g a ss e ts (2 ) In ta n g ib le a ss e ts (3 ) T a n g ib le a sse ts 65.A S -6 re q u ire is c lo s uo f ds re (1 ) D e p re cia tio n m e th o d u s e d (3 ) b o th (2 ) to ta l d e p re c ia tio n fo r th e p e rio d fo r e a ch cla ss o f a s se ts; 66 A ch a n g e in m e th o d o f d e p re c ia tio n fro m W D V to S L M k n o w n a s . (1 ) C h a n g e in a cco u n tin g e s tim a te (2 ) C h a n g e in a cco u n tin g p o(3 )' B o th licy

T h e th re e ty p e s o f E co n o m ic tra n sa ctio n s--a re (1 ) L o v e , a ffe ctio n a n d s y m p a th y (2 ) D o n a tio n , e h a rity a n d g ifts(3 ) C a s h , C re d it a n d E x ch a n g e T h e s o u rce o f d o cu m e n t fo r ca sh s a le s is (1 ) C a sh m e m o (2 ) C re d it m e m o (3 ) B ills p a y a b le F o llo w in g a re In te rn a l u s e rs o f a cco u n tin g in fo rm a tio n (1 ) M a n a g e& O w n e rs (2 ) G o v e rn m p u b lie (3 ) C u s to m&eLrs b o u r u n io n s rs & ent a F o llo w in g is th e e xa m p le o f in ta n g ib le a s se t (1 ) M a ch in e ry (2 ) G o o d w ill (3 ) B u ild in g D e b it w h a t co m e s in a n d cre d it w h a t g o e s o u t is a p p lie d to (1 ) P e rs o n a l A le . (2 ) R e a l A le . (3 ) n o m in a l a le D e b it th e lo ss e s a n d e xp e n s e s a n d cre d it th e g a in s a n d in co m e s is a p p lica b le to (1 ) P e rs o nA le . al (2 ) R e a l le . A (3 ) N o m ina le . Al D e b it th e re ce ive r a n d c re d it th e g iv e r is a p p lica b le to (1 ) P e rs o na llV e . (2 ) R e a lN c. (3 ) N o m inA le . al C o st co n ce p t e n vis a g e s th e re co rd in g o f th e fo llo w in g in th e b o o k s o f a cco u m s (1 ) A n a sse t a t its co s(2 ) K n o w le d g e a n d w ill a cq u ire d b y b u s in e ss e xe cu tiv e t (3 ) C h a n g e s e ffe cte d b e ca u s e o f s o m e p o iitica l e v e n ts A co n tra cto r u su a lly ta k e s u p re v e n u e a n d e a rn in g s o n h is p ro je ct o n th e fo llo w in g b a sis (1 ) C a s h b a s is (2 ) S a le s b a s is (3 ) P ro d u ctio n b a sis T h e p ra ctice o f a p p e n d in g n o te re g a rd in g co n tin g e n t lia b ilitie s in th e a cco u n tin g s ta te m e n ts is in p u rs u a n t to (1 ) C o n v e n tio n o f co n s iste n cy (2 ) M o n ey m e a s u rem e n t co n ce p t (3 ) C o n v e n O O n o f d is cb su re T h e co m p a ssio n o f p e rfo rm a n ce o f a n o rg a n isa tio n in o n e y e a r w ith its p e rfo rm a n ce in th e n e x t ye a r is b a se d o n (1 )V e rtic a l n s is te n cy (2 ) H o rizo n ta l co n s iste n cy ) T h ird d im e ns io n a l c o n sis te n cy co (3 T h e co n v e n tio n o f co n s e rva tis m is a p p lica b le (1 ) In p ro v id in g fo r d isco u n t o n cre d ito rs (2 ) A d o p tin g stra ig h t lin e m e th o d a s th e b a s is fo r p ro v id in g d e p re cia tio n (3 ) S h o w in g jo in t life p o licy a t s u rre n d e r v a lu e a s a g a in st th e a m o u n t p a id . W h e n a p p lie d to th e b a la n ce -s h e e t, th e co n ve n tio n o f co n s e rv a tism re s u lts in . (1 ) U n d e rs ta te m e n t o f a ss e ts ) U n d e rs ta te m e n t o f lia b ilitie s a n d p ro v isio n s (2 (3 ) O v e rsta te m e n t o f ca p ita l O rig in a l co= R S .1 ,2 6 ,0 0 0 , S a lva g e = a lu .6 ,O O O , U s e fu = life e a rs. A n n u a l d e p re cia tio n st vRse l 6Y u n d e r S tra ig h t L in e M e th o d w ill b e (1 ) R s .2 1 ,0 0 0 (2 ) R s.2 0 ,O O O (3 ) R S .1 5 ,O O O (4 ) R S .1 4 ,O O O A s e co n d h a n d m a ch in e ry is p u rch a se d fo r R s .1 0 ,0 0 0 , th e a m o u n t o f R s .1 ,5 0 0 is s p e n t o n its tra n s p o rta tio n a n d R S .1 ,2 0 0 s i p a id fo r its in s ta lia tio n . T h e a m o u n t d e b ite d to M a ch in e ry a cco u n t w ill b e . (1 ) R s .1 0 ,O O O (2 ) R s .1 0 ,5 0 0 (3 ) R S .1 1 ,5 0 0 (4 ) R s .1 2 ,7 0 0 U n d e r S tra ig h t lin e m e th o d d e p re cia tio n is ca lcu la te d o n (1 ). W ritte n d o w n va lu e (2 ) S cra p v a lu e (3 ) O rig in a l co s t (4 ) N o n e o f th e th re e S cra p va lu e o f a n a s se t m e a n s th e a m o u n t th a t it ca n fe tch o n s a le a t th e _ o f its u :ce fllllife (1 ) B e g in n in g (2 ) E n d (3 ) M id d le (4 ) N o n e o f th e th re e T h e v a lu e o f a n a ss e t a fte r'd e d u ctin g d e p re cia tio n fro m , th e h is to rica l co s t is kn o w n a s (1 ) F a ir v a lu e (2 ) B o o k v a lu e (3 ) M a rk e t v a lu e (4 ) N e t re a liza b le va lu e

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(1 ) F a ir v a lu e 2 ) B o o k v a lu e (3 ) M a rk e t v a lu4 ) (e N e t re a liz a b le v a lu e 8 5U n d e r d im in is h in g b a a n c e m e th o d , d e p re c ia tio n . (1 ) In c re a s e s e v e ry y e a r ) D e c re a s e s e v e ry y e aIs (3 o n s ta n t ( 4 ) N o n e o f th e th re e (2 r c) 8 6A c o m p a n y p u rc h a s e d a M a c h in e ry c o s tin g R S .1 0 ,O O ,0 0 0 o n 0 1 .1 0 .0 7 . T h e in s ta lla tio n c h a rg e s a m o u . R S .1 ,0 0 ,O O O w e re in c u rre d . T h e d e p re c ia tio n @ 2 0 % p .a . o n s tra ig h t lin e m e th o d a t th e e n d o f y e a r 3 1 .0 3 .0 8 w ill b e (1 ) R s .2 ,2 0 ,O O O ( 2 ) R S .2 ,O O ,O O O (3 ) R s .1 , 1 0 ,0 0 0 (4 ) N o n e o f th e th re e 8 7In th e a b s e n c e o f a n y p ro v is io n in th e p a rtn e rs h ip a g re e m e n t, p ro fits a n d lo s s e s a re s h a re d . ( 1 ) In th e ra tio o f c a p ita l ( 2 ) E q u a lly ( 3 ) In th e ra tio o f lo a n s g iv e n (4 ) N o n e o f th e th re e 8 8 .. T h e p ro fits o f la s t fiv e y e a rs a re R S .8 5 ,O O O , R s .9 0 ,O O O , R s .7 0 ,0 0 0 R S .1 ,0 0 ,0 0 0 a n d R s .8 0 ,O O O o u t v a lu e o f g o o d w ill, if it is c a lc u la te d o n a v e ra g e p ro fits o f la s t fiv e y e a rs o n th e b a s is o f 3 y e a p u rc h a s e . ( 1 ) R S .8 5 ,O O O (2 ) R s .2 ,5 5 ,0 0 0 ( 3 ) R s .2 ,7 5 ,O O O ( 4 ) R s .2 ,8 5 ,O O O c rro fit If)~ c :e s in th e r~ tio o f 5 :3 . T h e firm e a m e d 19.M o h 2 '1 S0~a" ?rw ~~rtnorc: in ~ firm ~ h a rirg a n d ~!1c. p ro fits d u rin g th e la s t fo u r y e a rs a m o u n tin g R S .1 8 ,O O O , R s .8 ,5 0 0 ( L o s s )., R s .3 0 ,O O a n d R s .1 re s p e c tiv e ly . T h e v a lu e o f g o o d w ill o n th e b a s is o f o n e a n d a h a lf y e a r's p u rc h a s e o f a v e ra g e p ro fits o f la s t fo u r y e a rs w ill b e (3 ) R S .2 1 ,0 0 0 (4 ) ~ i1 ( 1 ) R S .1 4 ,O O O ( 2 ) R s .2 7 ,3 7 5 ~ . G o o d w ill is a ( 1 ) C u rre n t a s s e t(2 ) In ta n g ib le F ix e d a s s e t ( 3 ) T a n g ib le fix e d a s s e t (4 ) In v e s tm e n t I.G o o d w ill is to b e c a lc u la te d a t o n e y e a r's p u rc h a s e o f th e a v e ra g e o f th e la s t 3 y e a rs p ro fit T h e p ro fit o f t y e a r w a s R S .6 ,O O O , s e c o n d y e a rs tW ic e o f th e firs t y e a r p ro fit a n d th e th ird y e a r o n e a n d h a lf tim e s p ro fit o f th e s e c o n d y e a r g o o d w ill a m o u n t w ill b e : ( 1 ) R s .1 0 ,0 0 0 ( 2 ) R s .1 2 ,0 0 0 (3 ) R s .1 1 ,O O O ( 4 ) R s .1 3 ,O O O G o o d w ill o f th e firm is v a lu e d a t th re e y e a r's p u rc h a s e o f th e a v e ra g e p ro fit o f th e la s t fiv e y e a rs . T h e ( 3 ) R S .1 ,2 0 ,O O O (4 ) R s .1 ,O O ,O O O (5 ) R s .8 0 ,O O O p ro fits a re a s u n d e r ( 1 ) R S .1 ,6 0 ,O O O (2 ) R s .-2 0 ,O O O ( 4 ) R S .2 ,2 8 ,O O O G o o d w ill a m o u n t w ill b e ( 1 ) R s :2 ,7 6 ,O O O ( 2 ) R S .2 ,6 4 ,O O O (3 ) R 5 .2 ,6 0 ,O O O W h ic h o f th e fo llo w in g is n o t a s u b fie ld o f a c c o u n tin g ? (a ) M a n a g e m e n t a c c o u n tin g . ( b ) C o s t a c c o u n tin g . (c ) F in a n c ia l a c c o u n tin g . (d ) B o o k -k e e p in g . P u rp o s e s o f a n a c c o u n tin g s y s te m in c lu d e a ll th e fo llo w in g e x c e p t (a ) In te rp re t a n d re c o rd ,th e e ffe c ts o f b u s in e s s tra n s a c tio n . ( b ) . C la s s ify th e e ffe c ts o f tra n s a c tio n s to fa c ilita te th e p re p a ra tio n o f re p o rts , (c ) S u m m a riz e a n d c o m m u n ic a te in fo rm a tio n to d e c is io n m a k e rs .. (d ) D ic ta te th e s p e c ify ty p e s o f b u s in e s s e n te rp ris e tra n s a c tio n s th a t th e e n te rp ris e s m a y e n g a g e in . F in a n c ia l a c c o u n tin g in fo rm a tio n is c h a ra c te riz e d b y a ll o f th e fo llo w in g e x c e p t (b ) It is fa c tu aitl,ds o s n o t re q u ire ju d g m e n t to p re p a re . (a ) It is h is to ric a l in n a tu re . oe ( c ) It re s u lts fro m in e x a c t a n d a p p ro p ria te m e a s u re s . (d ) It is e n h a n c e d b y m a n a g e m e n t's e x p la n a tio n .. B o o k k e e p in g is m a in ly c o n c e rn e d w ith ( a ) R e c o rd in g o f firn n c ia l d a ta . (d ) N o n e o f th e a b o v e . ( b ) D e s ig n in g th e s y s te m s in re c o rd in g , c 1 a s s ify i~ g a n d s u m m a ris in g th e re c o 'rd e d d a ta . ( c ) In te rp re tin g dth tafo r in te rn a l a n d e x te rn a l u s e rs . Ae
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F in a n c ia l s ta te m e n ts a re p a rt o f (a ) A c co u n tin g (b ) A ll o f th e a b o v e (c ) B o o k -K e e p in g ) N o n e o f th e (d above F in a n c ia l p o s itio n o f th e b u s in e s s is a s ce rta in e d 'o n th e b a s is o f (a ) R e c o rd s p re p a re d u n d ~ r b o o k -k e e p in g p ro ce s s . (b ) T ria l b a la n ce . (c ) A c c o u n tin g re p o rts . ' (d ) N o n e o f th e a b o v e . U s e rs o f a c co u n tin g in fo rm a tio n in clu d e :a ) C re d ito rs . (b ) le n d e rs . :c ) C u s to m e rs . (d )A ll o f th e a b o v e . )n J a n u a ry 1 , S o h a n p a id re n t o f R s . 5 ,0 0 0 . T h is c a n b e c la s s ifie d a s a ) A n e v e n t. , (b ) A tra n s a ctio n . c ) A tra n sa ctio n ~ s w e ll a s a n e v e n t (d ) N e ith e r a tra n s a c tio n n O r a n e y e n t )n M a rth 3 1 , 2 0 0 6 a fte r s a le o f g o o d s w o rth R s . 2 ,0 0 0 , h e is le ft w ith _ th e c lo s i~ ' s to c k o f R s . 0 ,0 0 0 . T hIS is . )) A n e v e n t., (b ) A tra n s a c tio n . :) A tra n s a c tio n a s w e ll a s a n e v e .n t.' ' (d ) N e ith e r a tra n sa ctio n n o r a n e v e n t. II th e fo llo w in g ite m s a re c la s s ifie d a s fu n d a m e n ta l a c co u n tin g a s s u m p tio n s e x c e p t I ) C o n s is te n cy . (b ) B u s in e s s e n tity . (c ) G o in g c o n c e rn . (d ) A c c ru a l . '10 p rim a ry q u a lita tiv e ch a ra cte ris tics o f fin a n c ia l s ta te m e n ts a re ) U n d e rs ta n d a b ility a n d m a te ria lity. (b ) R e le v a n ce a n d re lia b ilitv. I R e le v a n ce a n d u n d e rs ta n d a b ility. (d ) M a te ria lity a n d re lia b ility lO ik a ' E n te rp ris e s fo ilo w s th e w ritte n d o w n v a lu e m e th o d o f d e p re cia tin g m a c h in e ry y e a r a fte r a rd u e to I C o m p a ra b ility (b ) C o n v e n ie n ce (c ) C o n s is te n c y (d ) A ll o f th e a b o v e . p ita I b ro u g h t in b y th e p ro p rie to r is a n e x a m p le o f :re a s e in a s s e t a n d in c re a s e in lia b ility . (b ) In c re a s e in lia b ility a n d d e c re a s e in a s s e t. . re a s e in a s s e t a n d d e c re a s e in lia b ility. (d )' In cre a s e in o n e a s s e t a n d d e cre a s e in a n o th e r a s s e t. > e ts a re h e ld in th e b u s in e s s fo r th e p u rp o s e o f R e s a le '. {b ) C o n v e rs io n in to c a s h . E a rn in g re v e n u e . ' (d ) N o n e o f th e a b o v e ; fe n u e m s a le o f p ro d u c ts , is g e n e ra lly re a liz e d in th e p e rio d in w h ich fro G a s h is c o lle c te d .' (b ) S a le is m a d e . P ro d u c ts a re m a n u fa c tu re d . (d ) N o n e o f th e a b o v e . c o n c e p t o f c o n s e rv a tis m w h e n a p p lie d to th e b a la n c e s h e e t re s u lts in U n d e rs ta te m e n t o f a s s e ts . (b ) O v e rs ta te m e n t o f a s s e ts . O v e rs ta te m e n t o f ca p ita l. (d ) U n d e rs ta te m e n t o f ca p ita l. re a s e in th e a m o u n t o f c re d ~ o rs re s u lts in In cre a s e in ca s h (b ) D e cre a s e in ca s h . In c re a s e in a s s e ts . (d ) N o c h a n g e in a s s e ts . d e te rm in a tio n o f e x p e n s e s fo r a n a c c o u n tin g p e rio d is b a s e d o n th e p rin c ip le o f lb je c tiv ity -(b ) M a te ria lity , (c ) M a tc h in g (d ) P p .rio d ic ity 'g o in g c o n ce rn c o n ce p t' is th e u n d e rly in g b a s is fo r S ta tin g fix e d a s s e ts a t th e ir re a liza b le v a lu e s . ' )is clo s in g th e m a rk e t v a lu e o f s e cu ritie s). N o n e o f th e a b o v e . (d )is clo s in g th e s a le s a n d o th e r o p e ra tin g in fo rm a tio n in th e in c o m 'e s ta te m e n t.
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A ll o f th e -fo llo w in g a re fu n c tio n s o f A c co u n tin g e x c e p t (a ) D e c is io n m a k in g . ) F o re ca s tin g (b (c ) M e a s u re m e n t(d ) L e d g e r p o s tin g 9 9 F in a n c ia l s ta te m e n ts a re p a rt o f . (a ) A c c o u n tin g (b ) A ll o f th e a b o v e (c ) B o o k -K e e p in g ) N o n e o f th e (d abovE 1 0 0F in a n c ia r p o s itio n o f th e b u s in e s s is a s ce rta in e o o n th e b a s is o f . (a ) R e c o rd s p re p a re d u n d ~ r b o o k -k e e p in g p ro c e s s . (b ) T ria l b a la n c e . (c) A c co u n tin g re p o rts . ' (d ) N o n e o f th e a b o v e . 1 0 1U s e rs o f a c c o u n tin g in fo rm a tio n in c lu d e . (a ) C re d ito rs . (b ) le n d e rs . (c ) C u s to m e rs. (d )A ll o f th e a b o v e . 2.O n J a n u a ry 1 . S o h a n p a id re n t o f R s . 5 .0 0 0 . T h is ca n b e c la s s ifie d a s (a ) A n e v e n t. (b ) A tra n s a c tio n . (c) A tra n s a c tio n w e ll a s a n e v e n t (d ) N e ith e r a tra n s a ctio n ~ r a n e y e n t 3.O n M a rch1 , 2 0 0a fte r s a le o f g o o d s w o rth R s . 2 .0 0 0 . h e is le ft w ith _ th e c lo s i~ ' s to ck o f R s . 3 6 1 0 .0 0 0 . T hIS is ,(a ) A n e v e n l ,'(b }A tra n s a c tio n . (c ) A tra n sa ctio n a s w e ll a s a n e v e n t ' (d ) N e ith e r a tra n s a ctio n n o r a n e v e n t . )4 .A ll th e fo llo w in g ite m s a re c fa s s ifie d a s fu n d a m e n ta l a cc o u n ti~ g a s s u m p tio n s e x ce p t ; (a ) C o n s is te n cy . (b ) B u s in e s s e n tity . (c ) G o in g c o n c e rn . (d ) A cc ru a l . 1 5 T w o p rim a ry q u a lita tiv e c h a ra c te ris tic s o f fin a n c ia l s ta te m e n ts a re . (a ) U n d e rs ta n d a b ility a n d m a te ria lity . (b ) R e le v a n c e a n d re lia b ilitv . (c ) R e le v a n c e a n d u n d e rs ta n d a b ility . (d ) M a te ria lity a n d re lia b ility 6 .K a n ik a E n te rp ris e s fo ilo w s th e w ritte n d o w n v a lu e m e th o d o f d e p re cia tin g m a c h in e ry y e a r a fte r y e a r d u e to (a ) C o m p a ra b ility (b ) C o n v e n ie n ce (c) C o n s is te n cy (d ) A ll o f th e a b o v e . r .C a p ita l b ro u g h t in b y th e p ro p rie to r is a n e x a m p le o f a ) In cre a s e in a s s e t a n d in cre a s e in lia b ility . (b ) In cre a s e in lia b ility a n d d e c re a s e in a s s e t. ' c ) In c re a s e in a s s e t a n d d e c re a s e in lia b ility . (d )' In c re a s e in o n e a s s e t a n d d e c re a s e in a n o th e r a s s e t. l.A s s e ts a re h e ld in th e b u s in e s s fo r th e p u rp o s e o f, ' (a ) R e s a le {b ) C o n v e rs io n in to c a s h . (c) E a rn in g re v e n u e . (d ) N o n e o f th e a b o v e ; R e v e n u e fro m s a le o f p ro d u c ts . is g e n e ra lly re a lize d in th e p e rio d in w h ic h (a ) G a s h is c o lle c te d .' (b ) S a le is m a d e . (c) P ro d u c ts a re m a n u fa c tu re d .. (d ) N o n e o fth e a b o v e . T h e co n ce p t o f c o n s e rv a tis m w h e n a p p lie d to th e b a la n ce s h e e t re s u lts in (a ) U n d e rs ta te m e n t o f a s s e ts . (b ) O v e rs ta te m e n t o f a s s e ts . (c ) O v e rs ta te m e n t o f c a p ita l. {d } U n d e rs ta te m e n t o f ca p ita l. , D e c re a s e in th e a m o u n t o f c re d ito rs re s u lts in (a ) In c re a s e in c a s h (b ) D e c re a s e in ca s h . (c ) In cre a s e in a s s e ts . (d ) N o ch a n g e in a s s e ts . T h e d e te rm in a tio n o f e x p e n s e s fo r a n a c c o u n tin g p e rio d is b a s e d o n th e p rin cip le o f (a ) O b je c tiv ity -(b ) M a te ria lity (c ) M a tch in g (d ) P p .rio d ic ity T h e 'g o in g c o n ce rn c o n c e p t' is th e u n d e rly in g b a s is fo r (a ) S ta tin g fix e d a s s e ts a t th e ir re a liza b re v a lu e s .. (b ) D is c lo s in g th e m a rk e t v a lu e o f s e c u ritie s). N o n e o f th e a b o v e,. (d (c ) D is c lo s in Q th e s a le s a n d o th e r o o e ra tin a intherm a tio'e st~tem Rnt fo incom n in

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1 14E c o n o m ic life o f a n e n te rp ris e is s p lit in to th e p e rio d ic in te rv a l a s p e r . (a ) P e rio d ic ity (b ) M a tc h in g . (c ) G o in g co n c e rn . (d ) A c c ru a l. 1 1 5If a n in d ivid u a l a ss e t is in cre a s e d , th re e w ill b e a c o rre s p o n d in g . (a ) In c re a s e o f a n o th e r a ss e t o r in c re a s e o f ca p ita l. (b ) D e c re a s e o f a n o th e r a ss e t o r in c re a s e o f lia b ility . (c) D e c re a s e o f s p e cific lia b ility o r d e cre a s e o f ca p ita l. (d ) In c re a s e o f d ra w in g s a n d lia b ility . 1 1 6P u rch a s e o f m a c h in e ry fo r c a s h . (b ) In cre a s e s to ta l a s s e ts . (a ) D e cre a s e s to ta l a s se ts . (d ) D e cre a s e s to ta l lia b ilitie s . (c) R e ta in s to ta l a s s e ts u n c h a n g e d . 11 7A c c o u n tin g S ta n d a rd s in In d ia a re is s u e d b y . (b ) S ta te G o v t. (a ) C e n tra l G O v t. (d ) R e s e rv e B a n k o f in d ia . (c) In s titu te o f C h a rte re d A c co u n ta n ts o f In d ia . 1 1 8. c co u n tin g S ta n d a rd s A (a ) H a rm o n is e a cc o lim m g p O lic ie s . (b ) E lim in a te th e n o n -co m p a ra b ility o f fin a n cia l s ta te m e n ts . (c) Im p ro ve th e re lia b ility o f fin a n cia l s ta te m e n ts . (d ) A ll o f th e a b o v e . 119.H o w m a n y A c co u n tin g S ta n d a rd s h a v e b e e n is? u e d b y IC A I s (a )25. (b) 20. (c )29 (d) 2. 1 20It is e s s e n tia l to s ta n d a rd iz e th e a cc o u n tin g p rin c ip le s a n d p o lic ie s in o rd e r to . (a ) T ra n s p a re n c v . (b ) C o n s is te n c y . (c ) C o m p a ra b ility . (d ) A ll o f th e a b o ve . 1 21A ll o f th e fo llo w in g a re lim ita tio n s o f A c c o u n tin g S ta n d a rd s e x ce p t . (a ) T h e c h o ic e b e tw e e n d iffe re n t a lte rn a tiv e a c co u n tin g tre a tm e n ts is d iffic u lt. (b ) T h e re m a y b e tre n d to w a rd s rig id ity . (d ) A ll o f th e a b o v e . (c) A c co u n tin g S ta n d a rd s ca n n o t o v e rrid e th e s ta tu te . 1 22A ch a n g e in a c co u n tin g p o licy is ju s tifie d (a ) . T o c o m p ly w ~ h a c co u n tin g s ta n d a rd . (b ) T o e n s u re m o re a p p ro p ria te p re s e n ta tio n o f th e fin a n cia l s ta te m e n t o f th e e n te rp ris e . (c ) T o c o m p ly w ith la w . (d ) A ll o fth e a b o ve . 1 23A c co u n tin g p o lic y fo r in v e n to rie s o f X e ta E n te rp ris e s s ta te s th a t in ve n to rie s a re va lu e d a t th e lo w e r o . c o s t d e te rm in e d o n w e ig h te d a v e ra g e b a s is o r n o t re a liz a b le v a lu e . W h ich a c co u n tin g p rin c ip le in fo llo w e d in a d o p tin g th e a b o v e p o lic y? (a ) M a te ria lity (b ) P ru d e n c e (c ) S u b s ta n c e o v e r fo rm ) A ll o f th e a b o v e . (d 1 24T h e a re a s w h e re in d iffe re n t a cc o u n tin g p o lic ie s c a n b e a d o p te d a re . (a ) P ro v id in g d e p re cia tio n . (b ) V a lu a tio n o f in v e n to rie s . (c ) V a lu a tio n o f in ve s tm e n ts . (d ) A ll o f th e a b o ve . 1 25S e le c tio n o f a n in a p p ro p ria te a cc o u n tin g p o licy d e c is io n ' m a y . (a ) O v e rs ta te th e p e rfo rm a n ce a n d fin a n c ia l p o s itio n a b u s in e s s e n tity. (b ) U n d e rs ta te /o ve rs ta te th e p e rfo rm a n ce a n d fin a n c ia l p o s itio n a b u s in e s s e n tity. (c) O v e rs ta te th e p e rfo rm a n c e a b u s in e s s e n tity. (d ) U n d e rs ta te fin a n cia l p o s itio n a b u s in e ss e n tity. 126.A ccounting policiesfe r to s p e cific a c c o u n tin g (a ) re (b ) M e th o d s o f a p p lyin g th o s e p rin c ip le s P rin cip le s . (d ) N o n e o f th e a ll (c ) B o th (a ) a n d (b ).

1 2 7M e a su re m e n t d isc ip lin e de a ls w ith . (a ) Id e ntifica tio n o f o b je cts a n d e v e n ts . (b ) S e le ctio n o f sc a le . . (c ) E v a lu a tio n o f d im e n s io n o f m e a su re m e n t s c a le . (d ) A ll o fth e a b o ve . 1 2 8A ll of th e fo llo w in g a re v a lu a tio n p rin cip le s e xc e p t (a ) . (b ) P re se n t va lu e . (d ) H isto ric a l c o st. R e a lisa b le va lu e . (c ) F u tu re va lu e . 1 2 9T h e re nt p a id to la n d lo rd is cre d ite d to . (a ) la n d lo rd 's a cc o u n t (b ) R e nt a c co u n t. (c) C a s h a c co u n t. (d ) N o n e o f th e a b o ve . 1 3 0. ca se o f a d e bt b e c o m in g b a d , th e a m o u n t s h o u ld b e c re d ite d to In (a ) D e b to rs a c co u n t. (b ) B a d d e b ts a cco u n t. (c ) C a sh a c c o u nt. (d ) S a le s a cc o u nt. . 1 3 1 . W h ich fin a n cia l sta te m e n t re p re se n ts the a cc o u n tin g e qLuia b ilitie+ O w n e r's = a tio n , A ss e ts s e q u ity: . (a ) In c o m e S ta te m e n t (b ) ~ la te m e n t o f C a s h flo w s (c ) B a la n ce S h e e t (d ) N o ne o f th e a b o ve 1 3 2W h ic h a c co u n t is the o d d o n e o u t? . (a ) O ffice fu rn itu re & E q u ip m e n t. (b ) F re e h o ld la n d a n d B u ild in g s. (c) S to ck o f m a te ria ls . (d ) P la n t a n d M a ctlin e ry. 1 3 3T h e d e b ts w ritte n o ff a s b a d , if re co ve re d su bs e q u e n tly a re . . (a ) C re d ite dB a d D e b ts R e c ov e re d A cco u n t (b ) C re d ite d to D e b to rs A cc o u n t. lO (c ) D e b ite d to P ro fit a n d lo ss A cc o u n t (d ) N o n e o f th e a b o ve 1 3 4C la s sify e a ch o f th e fo llo w in g ite m s u n d e r: . (i) P re p a id s a la ry a c co u nt. (a ) P e rs o n a l (b ) R e a l (d ) N o ne o f the a b o ve (c ) N o m in a l (ii) B ill p a ya b le a cc o u n t. (a ) P e rs o n a l (b ) R e a l (d ) N o n e o f th e a b o ve (c) N o m in a l (iii) R e n t a cc o u n t. (a ) P e rs o n a l, (b ) R e a l (d ) N o ne o f the a b o ve (c) N o m in a l (iv ) P ro p rie to r's a cc ou nt (a ) P e rs o n a l, (b ) R e a l (d ) N o n e o f th e a b o ve (c) N o m in a l (v ) P a te nts a c co u n t. (a ) P e rs o n a l (b ) R e a l (d ) N o n e o f th e a b o ve (c ) N o m in a l 1 3 5 C la s sify e a ch o f th e fo llo w in g ite m s u n d e r: (i) S a la rie s. (a ) R e ve n u e (R ) (d ) L ia b ility (L ), o r (c ) ,A s se t(A ) . (b ) .E x pe n se (E ) (ii) E q u ip m e nt. . (a ) R e ve n u e (R ). (d ) L ia b ility (L ),o r (c ) A s se t (A ) (b ) E x p e n se (E ) (iii) A cc o u n ts p a y a b le . (a ) R e ve n u e (R ), (b ) E x p e n se (E ) (d ) L ia b ility (L r). o (c) A ss e t (A ) (iv) M e m b e rsh ip fe easrn e d . A (a )re ve n u e (R ) (b ) E xp e n s e (E ) (d) liability (L),r o (c ) A s se t (A ) (v) S to c k (a ) R e v e n u e (R ) (d ) L ia b ility (L ), or (c) A ss e t (A ) (b ) E xp e n se (E ) (v i) A cc ou n ts re ce iv a b le . (a ) R e ve n u e (R ) (d ) L ia b ility (L ), o r (b ) E x p e ns e (E ), (c ) a sse t (A ),

(vii) Building. (a ) R e v e n u e (R ) (b ) E x p e n se (E ) (C ) A sse t (d ) L ia b ility o r ), (L (v iii)P ro fits . (A ) (a ) R e ve n u e (R ) (b ) E x p e n s e (E ) (c ) A sse t (A ) (d ) O w n e r's ca p(O C )ite m . ita l 1 36In D o u b le E n try S y ste m o f B o o k -ke e p in g e ve ry b u s in e ss tra n sa ctio n a ffe cts : . (i) T w o a cco u n ts . (ii)T w o s id e s o f th e s a m e a cco u n t. (iii)T h e sa m e a cco u n t o n tw o d iffe re n t d a te s. A ll o f th e a b ov e (iv ) 1 37A s a le o f g o o d s to R a m fo r ca s h s ~ o u ld b e d e b ite d to : . (i)R a m (ii) C a s h (iii)S a le s (iv ) C a p ita l 1 38. w ith d ra w a l o f ca s h fro m b u sin e s s b y th e p ro p rie to r sh o u ld b e cre d ite d to : A ( i)D ra w in g A cco u n t , (ii) C a p ita l A cco u n t , (iii)C a s h A cco u n t (iv ) P u rch a se A cco u n t 1 39. la ssify th e fo llo w in g e x p e n d itu re s a n d re ce ip ts a s ca p ita l o r re v e n u e : C R s. 1 0 ,0 0 0 s p e n t a s tra v elin g e xp e n s e s o f th e d ire cto rs o n trip s a b ro a d fo r p u rch a s e o f ca p ita l a sse ts is ' (a ) C a p ita l e xp e n d itu re . (c) R e ve n u e re ce ip t. (b ) C a p ita l e xp e n d itu re . (d ) C a p ita l re ce ip t 140.A m o u n t o f R s . 5 ,0 0 0 s p e n t a s la w y e rs ' fe e tou dcla imd a th a tttie firm 's fa cto ry s ite s ite fe n in g b e lo n g e d to th e p la in tiffs la n d (b ) R e v e n u e e xp e n d itu re s (a ) C a p ita l e xp e n d itu re s (d ) N o n e o fth e a b o v e (c ) D e fe rre d re v e n u e e x p e n d itu re s 14 1A b a d d e b t re co v e re d d u rin g th e y e a r. . (a ) C a p ita l e xp e n d itu re s' (b ) R e ve n u e e x p e n d itu re s (c ) C a p ita l re ce ip t (d ) R e ve n u e re ce ip t 1 42. s e co n d h a n d ca r is p u rch a s ed fo r R s . 1 0 ,0 0 0 , th e a m o u n t o f R s . 1 ,0 0 0 is sp e n t o n its re p a irin g , A R s. 5 0 0 is in cu rre d to g e t th e ca r re g is te re d i~ o w n e r's n a Q 1 e a n d R s . 1 ,2 0 0 is p a id a s d e a le r's co m m issio n . T h e a m o u n t d e b ite d to ca r a cco u n t w ill b e (b ) R e v e1 ,5e 0 xp e n d)itu re.1 2 ,7 0 0 . (d R s (a ) R s .1 0 ,0 0 0 . (b ) R s.1 0 ,5 0 0 . (c) R s .1 n u 0 e (d ) N o n e o f th e a b o ve 1 43R s . 1 ,2 0 0 sp e n t o n th e re p a irs o f m a ch in e . . (1) 3 (16) 2 (31) 3 (46) (a ) C a p ita l e x p e n d itu re (b ) R e v e n u e e x p e n d itu re ; (2) 1 (17) 1 (32) 3 (47) (c) D e fe rre d re v e n u e e x p e n d itu re ? (d ) N o n e o f th e a b o ve (3) u rch a s e d se(33) 2 -h a n d . 1 44R s . 2 ,5 0 0 sp e n t o n th e o ve rh a u l o f m a ch in e s p 1 (18) 1 co n d (48) . (4)) R e v e n u e e x(34) 3 itu re ; 1 (19) 2 p e n d (49) (a ) C a p ita l e x p e n d itu re (b (c ) D e fe rre d re ve n u e e x p e n d itu re ? (d (5)).N o n e (20) e (35) ve(50) 1 o fth 1 a b o 1 1 45W h ite w a s h in g e xp e n se s. . (6) 2 (21) 3 (36) 2 (51) (b ) R e ve n u e e xp e n d ~ u re ; (a ) C a p ita l e x p e n d itu re (7) 4 o f th e a b ve {d ) N o n e (22) 1 (37)o3 (52) (c) D e fe rre d re ve n u e e x p e n d itu re ? 1 4 6 , (8) 3 (23) 2 (38) 1 (53) P a p e r p u rch a se d fo r u s e a s s ta tio n e ry . (a ) (b ) R e v e n(24) e x(39) d itu re ;.. 1 u e 2 p e n 2 (54) C a p ita l e x p e n d itu re (9) 2 (d ) N1o n e (25) 3 (40) 3 (55) o f th e a b o ve (c) D e fe rre d re ve n u e e xp e n d itu re ? (10) 147. d ve rtisin g ca m p a ig n to la u n ch a n e w p ro d u ct. A (~1) 2 (26) ~ (41) 2 {56} (a ) C a p ita l e x p e n d itu re (12) 2 (27) 2 (42) 2 (57) (b ) D e fe rre d re v e n u e e xp e n d itu re (28) 1 (43) 2 (58) 1 .1 .A c c o u n tin g is th e ta n g u a g e o f th e b u s in e s s . (13) 2 2 .A c c o u n tin g c a n b e u s e fu l-o n ly fo r re c o rd in g b u(14)e1 s (29) 1 (44) 3 tra n s a c tio n s . s in s (59) 3 .A c c o u n tin g re c o rd s o n ly tra n s a c tio n s w h ic h a re o f a fin a n c ia l c h a ra c te r.
(15) 3 (30) 1 (45) 3 (60) (138Wii) (139) . (140) b (141) d

4 .B o o k -K e e p in g a n d A c c o u n tin g a re s y n o n y m o u s te rm s . 5 .A c c u u n tin g is a s o ld a s m o n e y its e lf. 6 .A c c o u n tin g p rin c ip le s a re ru le s o f a c tio n o r c o n d u c t w h ic h a re a d o p te d b y th e a c c o u n ta n ts u n iv e rs a lly w h ile re c o rd in g a c c o u n tin g tra n s a c tio n s . 7 .I t is o n th e b a s is o f g o in g c o n c e rn c o n c e p t th a t th e a s s e ts a re a lw a y s v a lu e d a t m a rk e t p ric e . 8 .T h e c o n v e n tio n o f d is c lo s u re im p lie s th a t a ll m a te ria l in fo rm a tio n s h o u ld b e d is c lo s e d in th e a c c o u n ts . 9. T h e c o n v e n tio n o f c o n s e rv a tis m ta k e s in to a c c o u n t a l/ p ro s p e c tiv e p ro fits b u t le a v e s a ll p ro s p e c tiv e 1 0 3 s 8 ;:'. 1 0S in c e th e life o f th e b u s in e s s is a s s u m e d to b e in d e fin ite , th e fin a n c ia l s ta te m e n ts o f th e b u s in e s s . s h o u ld b e p re p 'a re d o nn g o ehse n 1 to liq u id a tio n . ly w i1 1 1I.n a c c o u n tin g a ll b u s in e s s tra n s a c tio n s a re re c o rd e d a s h a v in g a d u a l a s p e c t. 1 2T h e "P o s tin g " is d o n e in th e jo u rn a l. . 1 3L e d g e r is a s e t o f a c c o u n ts . . 1 4T ra n s a c tio n s a re re c o rd e d firs t o f a ll in th e le d g e r. . 1 5J o u rn a l re c o rd s tra n s a c tio n s in a c h m n o lo g ic a l o rd e r. . 1 6L e d g e r re c o rd s tra n s a c tio n s in a n a n a ly tic a l o rd e r. . 17.w h ile p o s tin g tra n s a c tio n in th th e a c c o u n t is d e b ite d in th e jo u rn a l, it w ill b e c re d ite d in th e le d g e r. jf e le d g e r, 18.T h e w o rd "T o " is u s e d w ith th e a c c o u n ts w h ic h a p p e a r ra n d gee r e b it osuid e o o le th d a c c n t. 1 9T ria f b a la n c e h e lp s in k n o w in g th e a rith m e tic a l a c c u ra c y o f th e a c c o u n tin g e n trie s . .

( 20. A n in c o m e e a rn e d b y a b u s in e s s c u rin g a p a rtic u la r ~ rio d is d e te rm in e d b y m a tc h in g e x p e n s e ~ re v e n u e . 2 1 T h e te rm s "E x p e n d itu re " a n d "E x p e n s e " h a v e s y n o n y m o u s m e a n in g . . 2 2 m a tc h in g o f e x p e n s e w ith re v e n u e s h o u ld b e c a rn e d o u t a t th e e n d o f life o f th e b u s in e s s . . 23.R e v e n u e re s inlts u iv a le n ta rn o u n t o f c a s h . u eq 24.In m a tc h in g p ro c e s s , o n ly s u c h ~ retan u e s in to a c c o u n t w h ic h a re re g a rd e d a s re a liz e d . re v e k e n 2 5 I.n c a s e o f m a n u fa c tu rin g c o m p a n ie s , th e re v e n u e is s a id to b e re a liz e d w h e n th e g o o d s a re m a n u fa c tu re d . 2 6 . L o s s e s a re th o s e c o s ts w h ic h fa il to p ro d u c e re v e n u e . 2 7 a ) T h e "c u rre n t lia b ilitie s " is u s e d to d e n o te th o s e lia b ilitie s w h ic h a re p a y a b le a fte r a y e a r. b } T h e te rm "L iq u id A s s e ts " a n d L iq u id a s s e ts " h a v e s y n o n y m o u s m e a n in g s . c)A ll In ta n g ib le a s s e ts a re fic titio u s a s s e ts . d)c re a tin g re s e rv e fo r d is c o u n t o n c re d ito rs is n o t s tric tly a c c o rd in g to th e p rin c ip le s o f c o n s e rv a tis e ) S to c k a t th e e n d , if a p p e a rs in th e T riata B e n o n ly, to th e b a la n c e s h e e t. i$ l k a la n c e ~ G o o d s ta k e n o u t b y th e p ro p rie to r fro m th e b u s in e s s fo r h is p e rs o n a l u s e a re c re d ~ e d to S A c c o u n t. g ) 'S a la ry p a id in a d v a n c e ' is n o t a n e x p e n s e b e c a u s e it n e ith e r re d u c e s a s s e ts in c re a s e s lia b ilitie s .. h } T h e .te rm "A c c ru e d In c o m e " ~ n d "O u ts ta n d in g In c o m e " h a v e s y n o n y m m e a n in g s . i }P re m iu m a id o n th e life p o lic y o f th e p ro p rie to r is d e b ite d to th e P ro fit a n d L o s s A c c o u n t. A N S . 1 . T ru e , F a ls e 2. 3 . T ru e 4 . F a ls e 5 . T ru e 6 . T ru e 7 . F a ls e 8 . T ru e F .a ls e 9 1 0 . F a ls e 1 1 . T ru e 1 2 . F a ls e 1 3 . T ru e 1 4 .F a ls e 1 5 . T ru e 1 6 . T ru e 1 7 . F a ls e 1 8 . T ru e 1 9 . T ru e 2 0 . T ru e 2 1 . F a ls e 2 2 . F a ls e 2 3 . F a ls e 2 4 . T ru e 2 5 .F a ls e 2 6 .T ru e 2 7 (a ) F a ls e (b ) F a ls e (c ) F a ls e (d ) T ru e (e ) T ru e (f) F a ls e (g ) T ru e (h ) F a ls(i) F a ls e e

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c. d.

2 8 T h e p rim e fu n ctio n of a c cou n tin g is to :

(a ) R e co rd e co n o m ic d a ta (b ) P ro vid e th e in fo rm a tio n a l b a sis fo r a ctio n (c) C la ss ifyin g a n d re co rd in g b u sin e ss tra n s a ctio n s.(d ) A tta in n o n - e c o n o m ic g o a ls . ; 2 9 . T h e b a s ic fu n ctio n o f fin a n cia l a cc o u n tin g is to (a ) R e co rd a ll b u s ine s s tra n s a ctio n s. (b ) In te rp re t th e fin a n c ia l d a ta . (c) A ss Ist th e m a n a g e m e n t in p e rfo rm in g fu n ctio n s e ffe ctiv e ly. 30. M a n a g e m e nt A c c o u ntin g p ro v id e s in a !u a b le se rv ice s to m a n a g e m e n t in pe rfo rm in g : (a ) A ll m a n a g e m e n t fu n ctio n s. ' (b ) C o -o rd in a tin g m a n a g e m e n t fu n ctio n s. (C IC o n tro llin g fu n c tio n s . B o o k-ke e p in g is m a in ly co n ce rn e d w ith : 31. (a , R e c ord in g o f fin a n c ia l d a ta re la tin g to b u s in e ss o p e ra tio n s . (b ) D e sIg n in g th e s yste m s in re co rd in g , c la ss ify in g , su m m a rizin g the re c ord e d d a ta . ,c) In te rp re tin g th e d a ta fo r inte rn a l a n d e xte rn a l e n d u se rs . A u :o ,.;n tin rin c ip le s a re g e n e ra lly b a se d o n pg 3 2 la) P ra ctIc a b ility (b ) S u b je ctivity (c ) C o n ve n ie n c e in re co rd in g T h es ;;ste m o f re c o rd in g tra n sa ctio n s b a s e d o n d u a l a s p e ct c o n ce p t is c a lle d (a ) D o u b le a c co u n t s yste m (b ) D ou b le e ntry s yste m (c ) S in g le e n try sys te m ~ n e p rd C o ce o f a p p e n d in g n o te s re g a rd in g c o n tin g e n t lia b ilitie s in a c co u n tin g sta te m e n ts is in p u rsu a n t to : (a) C o n ve n tio n o f c o n sis te n c y (b ) M o n e y m e a s u re m e n t co n c e p t (c) C o n ve n tio n o f co n s e rva tism (d ) C o n ve n tio n o f d is clo s u re

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. ofth eb u sin e ss : (a ) H e a lth o f th e m a n a gin g d irector of th e com p a n y(b ) Q u a lity o f c om p a n y's go od s. (c) V a lu e of p la n t a n d m a ch in e ry . 36.T h e con ve n tion of c on se rva tism is a p p lica b le . (a ) In p rovid in g for d iscOou n t d itors. f!c re (c) P rovid in g fo r d e p re cia tion . . (b ) In m a kin g p rov ision fo r b a d a n d d ou b tfu l d e b ts .. 3 7 . T h e con ve n tion of c on se rva tism , w h e n a p p lie d to th e b a la n ce sh e e t, re su lt in . (a ) U n d e rsta tem en t of a sse ts (b ) . U n d e rsta tem en t of lia b ilitie s (c) O ve rsta tem e n t o f c a p ita l 38.T h e a m ou n t b rou gh t in b y th e p rop rie tor in th e b u s in e ss sh ou ld b e c re d ited to ' (a ) C a sh a ccou n t fib ) C a p ita l a ccou n t (c) D ra w in g a ccou n t ., 39. h e a m ou n t of sa la ry-p a id to su re sh sh ou ld b e d e b ited to T (a )T h e a rco1 JO t o fsu re sh (b ) S a la rie s a cc ou n t (c ) C a sh a cc ou n t . 4 0 . T h e re tu rn of g ~ s b ya cu s tom e r sh ou ld b e d e b ite d to (a ) C u stom e r's a cc ou n t (b ) S a le s re tu rn s a ccou n t G ood s a cc ou n t (c) . .4 1 . S a fe s m ad e to M a h e sh for ca sh s h ou ld b e d e b ited to' (a ) C a sh a .cc ou n t (b ) M a h e sh (c) S a le s a ccou n t 4 2 .' T h e re n t p a id to th e la n d lord b e cre d ited to ., (a ) la n d lord 's a ccou n t (b ) R e n t a ccou n t. (c) C a sh a cc ou n t. 43. h e ca sh d iscou n t a llow e d to a d e b tor s h ou ld b e cre d ited to T (a ) D iscou n t a ccou n t.. (b )' .C u stom e r's a ccou n t. (c) S a le s a ccou n t. 44.In ca se o f a d e b t b e com in g b a d , th e a m ou n t sh ou ld b e c red ite.d to (a )' D e b tor's a ccou n t.(b ) B a d d e b ts a ccou n t. (c) S a le s a cc ou ot. 45. e ve n u e is sa id to b e rea lize d R (a ) W h e n th e s a le s a re m ~e . (b ) W h e n th e go od s a re m a n u fa ctu red . (c) W h e n ca sh is re ce ive d . 46. h e te n n u E xp e n se " d en ote s T (a ) P a ym e n t or th e in .cu rrin g o f a d e b t for a n a sse t. (c) C ost w h ich fa ils to p rod u ce re ve n u e . (b )' C ost of se rvice s a n d thin gs u se d for g ~ n e ra tin g re ve n u e .. : 47. n ca se o f go ld , re ve n u e is re co gn ise d in th e a cc ou n tin g p e riod in w h ich th e g old I (a ) is m in e d .' (b ) is s old .' (c) is d elive re d . 48. n ca se o f lon g te n n c on tra cts, re ve n u e is g e n e ra lly re c ogn ise d I (a ) O n ly o n fu ll c om p le tion of th e co n tra ct. (b ) O n ly w h e n th e fu ll ca sh is re ce ive d . . (0) E ve n w h e n a p a rt o f th e c on tra ct h a s b e e n c om p le ted . 49 .' In ca se o f T ra d ition a l a p p roa ch , th e e xp e n se s to b e m a tch e d w ith re ve n u e is b a se d on (a ) O rig in a l co st. (b ) R e p la cem e n t c os t. (c ) C a sh c os t. A N S . 2 8 . (c) C la ssify in g a n d re cord in g b u sin e ss tra n sa ction s 2 9 . (a ) R e cord a ll b u sin e ss tra n sa ction s. 3 0 . {a ) A ll m a n a ge m e n t fu n ction s . 31. a ) R e cord in g of fin a n cia l d a ta re la tin g to b u sin e ss o p e ra tion s. ( 3 2 . (a ) P ra ctica b ility 3 3 . (b )' D ou b le e n try syslC m .. , 3 4 . (d ) C on ve n tion of d isclosu re 3 5 ~( e i ) a lu e of p la n t a n d M ~ch !n e ry V 36. b ) In m a kin g p rov ision fo r b a d a n d d ou b tfu l d e b ts . ( 3 7 . (a ) U n d e rsta tem en t of a sse ts 3 8 . (b ) C a p ita l a cc ou n t 3 9 . (b ) S a la rie s a cc ou n t 4 0 . (b ) S a le s re tu rn s a cc ou n t

41. (a )C ash account 42. (c) C ash account 43. (b) C ustom er's A ccount. 44. (a) D ebtor's account. 45. (a) W hen the sales are m ade. 46. (b) C ost of services and things used for generating revenue. is m ined. 47. (a) 48. (c) E ven w hen a part of the contract has been com pleted. (a)O riginal cost. 49.

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a )C a rria g e p a id o n g o o d s p u rc h a s e d . b )L e g a l e x p e n s e s in c u rre d fo r a b u s e o f T ra d e M a rie c )M o n e y ra is e d b y is s u e o f e q u ity s h a re s . d )E x p e n d itu re in c u rre d o n is s u e o f e q u ity s h a re s . e ) C o s t o f fo rm a tio n o f a n e w c o m p a n y . P a y m e n t o f c o m p e n s a tio n . to a d is c h a rg e e m p lo y e e . g ) L e g a l e x p e n s e s in c u rre d in 'd e fe n d in g a s u it fo r b re a c h o f c o n tra c t to s u p p ly g o o d s . ANS (a) Revenue Expenditure (b) Revenue Expenditure (c) Capital Receipt (g) Revenue Expenditure. (d) Capital Expenditure (e) Capital Expenditure (I) Revenue Expenditure

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(b ) It in G e a s e s th e tqi .uo fr:fix e d a s s e ts . t ya (c ) It is p a id fo r m e e tin g th e n o rm a l e x p e n s e s o f th e b u s in e s s . (v i) D e p re c ia tio n o f fix e d a s s e ts is a n e x a m p le o f . (a ) R e v e n u e E x p e n c litH re . (b ) C a p ita l E x p e n d itu re . (c ) D e fe rre d R e v e n u e E x p e n d itu re . (v ii) R e p a irs in c u rre d b e fo re u s in g a s e c o n d h a n d c a r p u rc h a s e d re c e n tly is a (a ) C a p ita l E x p e n d itu re . (b ) R e v e n u e E x p e n d itu re .(c ) D e fe rre d R e v e n u e E x p e n d itu re . ANS (i) (b) R evenue Expenditure. (ii) (b) Revenue Expenditure (iii) (c) Deferred R evenue Expenditure. (iv) (b) Deferred Revenue Expenditure. (v) (b) It increases the quantity of fixed assets. (vi)(a) R evenue Expenditure.

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~ S u g e s a n In d u s trie s re m o v e d th e ir W o rk s to m o re s u ita b le p re m is e s : . .. .. -- .. ~ -- _ .~ -..,...- _ (a ) A s u m o f R s 4 ,7 5 0 w a s e x p e o o e d o n d is m a n tlin-gr,'I rela I lav irg ca n1di aenr d F IX tu re s . r e i s m ior Y M r l l y P nJ t (b ) P la n t a n d M a c h in e ry w h ic h s to o d in th e b o o k s a t R s 7 ,5 0 0 in c lu d e d a m a c h in e a t a b o o k v a lu e o f 1 ,7 0 0T. h is b e in g o b s o le te w a s s o ld o ff a t R s . 4 5 0 a n d w a s re p la c e d b y a n e w -m a c h in e w h ic h c o s t R s 2 ,4 0 0 . (c ) T h e fre ig h t a n d c a rta g e o n th e n e w rm ;h in e1 5 m n d n teed eto c tio n c h a Ig e s o o s t R s 2 7 5 . a 0a o u th re R s (d ) A s u m o f R s 1 ,1 0 0 w a s s p e n t o n p a in tin g th e n e w fa c to ry . S ta te w h ic h ite m o f e x p e n d itu re w o u ld b e c h a rg e d to C a p ita l a n d w h ic h (a ) R e v e n u e . G iv e re a s to D e fe rre d R e v e n u e ;(b ) R e v e n u e lo s s R s 1 ,2 5 0 , C a p ita l E x p e n d itu re ,R s 2 ,4 0 0 , (c ) C a p ita l; (d ) R A N S S e le c t th e m o s t a p p ro p ria te a n s w e r. 6 . S a le s a re e q u a l to . ( i) (a ) C o s t o f g o o d s s o ldfit; (b ) C o s t o f g o o d s o ld - G ro s s P ro fit.; (c ) G ro s s P ro fit - C o s t o f g o o d s s o ld . + P ro In te re s t o n D ra w in g s is ( ii) (a ) E x p e n d itu re fo r th e b u s in e s s . (b ) E x p e n s e fo r th e b u s in e s s . (c ) G a in fo r th e b u s in e s ~ . ;iii) G00:3 9 iv e n a s s a l.~ p l s s h o u ld b e c re d ite d to ' . (a l A d v e rtis e m e n t A c c o u n t. (b ) S a le s A c c o u n t. O u ts ta n d In g . (c ) P u rc h a s e s A c c o u n t. S a la rie s a re s h o w n a s (a l a ~ e x p e n s e . (b ) a lia b ility . (c ) a n a s s e t. ln c f)m e T a x p a id b y a s o le p ro p rie to r o n h is b u s in e s s in c o m e s h o u ld b e (v ) (a ) D e b ite d to th e T ra d in g A c c o u n t. (b ) D e b ite d to th e P ro frt a n d L o s s A c c o u n t. (c ) D e d u c te d fro m th e C a p ita l A c c o u n t in th e B a la n c e S h e e t. (i) (a )C o s t o f g o o d+ Psrold s o fit. (ii) (c ) G a in fo r th e b u s in e s s . IA N S . ( ili) ) P u rc b a s e s A C c O u ~ t (c (iv ) (b ) a lia b iln y . (v ) (e ; D e d u c te d fro ~ th e C a p ita l A c c o u n t in th e B a la n c e S h e e t. S ta te w h e th e r e a c h o f th e fo "o w in ~ s ta te m e n ts is T ru e o r F a ls e : 7 (a ) T h e o b je c tiv e o f c h a rg in g P ro fit a n d L o s s A c c o u n t w ith th e a m o u n t o f d e p re c ia tio n is to s p re a d th e a n a s s e t o v e r its u s e fu l life fo r th e p u rp o s e o f in c o m e d e te n n in a tio n . { I - I) a m o u n t o f d e p re c ia tio n is c re d ite d to D e p re c ia tio n F u n d A c c o u n t in( C a se o f A n n u ity M e th o d . :he c );h e c h a rg e fo r u s e o f th e a s s e t re m a in s u n ifo rm e a c h y e a r in c a s e o f s lrn ig h t fin ~ m e 1 h O O . (d ) D e p re c ia tio e c h a r g e d th e b o o k v a lu e o f th e a s s e t e a ;h y e a r in c a s e o f D im in is h irg B a Ia rre M e ttx x :f. on (e ) D e p le tio n M e th o d is s u ita b le fo r c h a rg in g d e p re c ia tio n in c a s e o f liv e s to c k o r lo o s e to o ls . (J ) N e t c h th e P ro fit a n d L o s s A c c o u n t is th e s a m e u n d e r b o th A n n u ity M e th o d a n d D e p re c ia tio n F u n d M e th o d (9 ;T h e a m o u n t o f d e p re c ia tio n is c re d ite d to th e D e p re cil tio n F u rore c<ia lm nFf \uIrxl :Jc x J . ia th e D e p A m u t e h (h ) T l'e a s ~rs a w a yast o rig in a l o o s t ind e p reo a tio n m fite dP r o v iskJxO e f x O O a Ib n !t(i) :J .rt. set c e rr is < b K 1 rl In c a s e 1In s u ra n c e P o lic y M e th o d , th e d e p re c ia tio n is c re d ite d to th e A s s e t A c c o u n t. 0 (a ) T ru e (b ) F a ls e (c ) F a ls e ' (d ) T ru e (e ) F a ls e (~ T ru e (g ) T ru e ... (h ) T ru e (i) F a ls e . \n s C h o o s e th e m o s t a p p ro p ria te a n s w e r: D e p re c ia tio tnt1e!sp ro c e s s o f (a ) A p p o rtlo liflle n t o f th e c o s t o f th e a s s e t o v e r its u s e fu l life ,. (b ) V a lu a tio n o f a s s e ts . (c ) M a in te n a n c e o f a s s e t in a s ta te o f e ffic ie n c y M a c h m e H o u r R a te M e th o d o f c h a rg in g d e p re c ia tio n is u s e fu l w h e n (ii) (a ) O u tp u t c a r b e e ffe c tiv e ly m e a s u re d .. (b ) U s e o f th e a s s e t c a n b e - m e a s u re d in te n n s o f tim e . (c ) U tility o f th e a s s e t c a n b e d ire c tly re la te d to its o ro d u c tiv e u s e .
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(iii)

P ro fit a n d Lo s s o n d e p re cia tio n fu n d in v e s tm e n t is tra n s fe rre d to :

(a ) P ro fit a n d Lo s s A c c o u n t. (b ) T h e A s s e t A c c o un t. (c ) D e p re c ia tio n). F u n d A c c o u n t. (iv T h e p ro fit o n d e p re c ia tio n p o lic y is tra n s fe rre d to : (a ) D e p re c ia tio n R e s e rv e A c c o(b ) t. ro fit a n d Lo s s A c c o u n t un P (c ) A s s e tA c c o un t. (v ) In . c a s e o f A n n uity M e th o d, th e a m o u n t o f d e p re c ia tio n is (a ) In c re a s inv e r y e a r. (b ) F ix e d fo r a ll th e y e a rs .(c ) D e c re a s in g e v e ry y e a r. eg (v O F o r p ro v idin g rle p re c ia tio n o n le a s e h o ld p ro p e rty , th e a p p ro p ria te m e th o d o f d e p re c ia tio n is (a ) R e p la c e m e n t M e th o d . (b ) R ev a lua tio n M e th o d . (c ) F ix e d In s ta llm e n t M e th o d . (v ii) D e p le tio n m e th o d o f d e p re c ia tio n is u s e d in (a ) C a ttle , lo o s e to o ls e tc . (b ) M in e s , q ua rrie s e tc . (c ) M a c h in e ry , b u ild in g , fu rn itu re e tc . (v iii) T h e in te re s t b s t o n th e a c q u is itb n o f a n a s s e t 'is ta k e n in to ~ n t in c a lc u la tin g d e p re c ia tio n in (a ) D e p le tio n . M e th o d ) A n n uity M e th o d (c ) D im in ish in g B a la n c e M e th o d . (b (ix ) In th is m e th o d de p re c ia tio n is ch a rg e d b y a llo c a tin g d e p re c ia b le c o s t in p ro p o rtio n o f th e a n n ua l o u tp u t to th e p ro b a b le life -tim e o utp u t: (a ) W o rk in g H o u rs M e th o d (b ) P ro du c tio n U n its M e th o)d R e v a lu a tio n M e th o d. (c ANS. (i) (a ) A p p o rtio n m e n t o f th e c o s t o f th e a s s e t o v e r its us e ful life . (ii) (b ) U s e o f th e a s s e t c a n b e m e a s u re d in te rm s o f tim e . (iii) (c ) D e p re c ia tio n F un d A c co u n t (iv ) (a ) D e p re c ia tio n R e s e rv e A c c o un t. (v ) (b ) F ix e d fo r a /l th e y e a rs . (v i) (e ) F ix e d In s ta llm e n t M e th o d . (v ii)(b ) M in e s , q u a rrie s e tc . (v iii)(b ) A n n u ity M e th o d (ix ) (b ) P ro du c tio n U n ffs M e th o d 9 .S ta te w h e th e r e a c h o f th e fo llo w in g s ta te m e n ts is T ru e o r F a ls e . (i) J o in t S to c k C o m p a n ie s c a n a ls o a do p t S in g le E n try S y s te m . (ii) T ria l B a la n c e c a n b e p re p a re d in c a s e .th e b o o k s a re m a in ta in e d a c c o rdin g to S in g le E n ~ y s te m . (iii) In o rd e r to d e te rm in e th e p ro fit a c c o rd in g to N e t W o rth M e th o d o f s in g le e n try , th e p r a n d lo s s a c c o u n t is p re p a re d .. (iv ) N e t p ro fit a c c o rdin g to n et w o rth m e th o d is e q u a l to : C a p ita lwain g+se ren d + D ra t th F e s h c a p ita l in tro d uc e d-C a p ita l in th e b e g in n in g o f th e a c c o un tin g p e rio d . (v ) T h e S ta te m en t o f A ffa irs sh o w s th e fin a n c ia l p o s !tio n o f th e b us in e ss o n a p a rtic u la r d a te in c a o f S in g le E n try S y s te m . (v i) T h e a m o un t o f c re d it s a le s .~ ~ d e te rm in e d b y ~ re p a rin g a T o ta l C r$ dito rs .~ ,c c o un !. [A N S ... F a ls e (b ) F a ls e (a) (IIi)F a ls e ( I V F a ls e ) (v ) T rue ( V IF a ls e ]. ) 11. S ta te w h e th e r e a c h o f th e fo llo w in g s ta te m e n ts is 'T ru e ' o r 'F a ls e ': . (i) B ra n c h A c c o u n t is c re dite d w ith th e a m o u n t o f c a s h a s w e ll a s c re d it s a le s u n d e r D e b to rs S y s te m . (ii) B a d D e b ts a n d D is c o un t S lllo w e d to D e b to rs a re n o t s h o w n in th e B ra n ch A c c o un t. (iii) D e p re c ia tio n o n furn itu re do e s n o t a p p e a r o n th e D e b it s id e o f th e B ra n c h A c co un t (v i) B ra n ch S to c k A c c o un t is a lw a y s p re p a re d a t In v o ic e P ric e . (v ) G o o d s s e n t to B ra n ch A c c o un t a p p e a r o n th e C re dit s id e o f th e H e a d O ffic e T ria l B a la n c e . (v i) If g o o d s a re s u p p lie d o n s e llin g p ric e b y th e H e a d O ffic e to th e B ra n c h , a re s e rv e w ill h a v e to b c re a te d in re s p e c t o f th e s to c k o f s uc h g o o ds a t th e d a te o f c lo s in g . (v ii) R e m itta n c e s fro m B ra n c h a re s h o w n o n th e L ia b ility s id e o f th e B a la n c e S h e e t. (v iii) In th e c a s e o f fo re ig n b ra n c h , d e p re c ia tio n is c o n v e rte d a t th e O p e n in g ra te . ,(ix ) .. B ra n ch S to c k A c co u n t u n de r "S to c k a n d D e b to rs S y s te m " s h o w s G ro s s P ro fit o r L o s s :

(A N S . (i) F (ii)i .i iT (iv ) T )T (v i) T (v ii) F (v iii) F (ix ) F ( T) (v

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E ac h q u e stio n h a s th ree a n sw e rs. C ho se the c orre ct a n sw e r: B u n c h A cc ou nt u n d e r D e b to rs' S y ste m is (a ) R e al A c co u n l (b ) P e rso n a l A cc ou n t an d (c ) N o m in a l A cc o u nt. U nd er D e b to rs' S yste m , C re d it S ale s a re (b ) C re d ite d to th e B ra n ch A c co un t a n d (a ) D e b ite d to th e B ra n c h A c co u n t; (c ) N ot sh o w n a ny w h e re in the B ran ch A c co un t. U n de r th e B ra n ch F in al A ccou nt S y ste m , the B ra nc h A c co u n t is o f th e n atu re o f a (a ) R ea l A cc o u nt (b ) P e rso na l A cc ou nt an d (c ) N o m in al A cc ou nt. In th e c ase of a n In d e p en d en t B ra n c h th e H e ad O ffice A cc ou nt m a in ta in e d by th e B ra n ch is of the n a tu re o f a ' (a ) R e a l A cc ou n t (b ) P e rso n al A c co u n t C ln d (c ) N o m in al A cc ou nt. U n de F o re igB ra n ch R e ve n ue Ite m s sh ou ld b e co nv erted a tr n (a ) O p e n in g R ate of E xc ha n ge (b ) C lo sin g R a te o f E x ch an ge an d (c ) A ve ra ge R a te o f E xc ha ng e. ('axis sent yt ie ~ ~ to B ra rd l, I~ b yth eB rc n ;n aa a lila b yu Ie H e a d tolJ t ie ru re J (a ) B ra n ch A c co un t (b ) G o od s-in -tra n sit A c co u n t (c ) T ra d inA l c .. g W h en go od s are in v o ice d to B ra n ch at se llin g p ric e , the v a lue of g o o d s is ad ju ste d by (a ) D e b itin g G o o d s S e nt to B ran ch A cc ou nt (b ) C re d itin g G oo d s S en t to B ra nc h A cc ou n t a n d (c ) C re d itin g S to c k R e se rve A c co u n t In th e ca se of a F o re ign B ran ch , C u rre n& A ia b ilitie s sh ou ld b e co nv e rte d a t t L sse ts (a ) R a te p re va ilinnth e la st da te o f th e ye ar (b ) A ve ra g e R a te a nd og (c ) R ate p re va ilin g on th e beg in n in g d ate of the y e a r. G o o d s su p p lie d fro m H e a d O ffice le ss G oo d s re c e ive d fro m H e a d O ffic e re p re se n t (a ) G o od s re tu rne d to H e a d O ffic e (b ) G o od s in tra n sit (c ) P ro fit o n G ooe.s d f.

a rre

I ( i) (c ) N o m in a l A cc o u nt. (iii) (b ) P e rso n al A c co un t a n d ( ii) {e} N ot sh o w n a ny w h e re in th e B ran ch A cc ou nt. (iv ) (b ) P e rso n al A c co un t a n d (v ) (c ) A v e ra ge R a te of E x ch an g e . (v i) (a ) B ra n ch A c co un ,t (v ii) (a ) D e b itin g G oo d s S en t to B ra nc h A c co un t (v iii) (a ) R a te p re v a ilin g o n the la st d ate o f th e y ea r (ix ) (b ) G o o d s in tran sit

A ccordin g to w h ich concep t, an a cco un tan t h a s to assum e th at b usin ess w ill con tinue to ,op era te in future fo r indefin ite perio d o f tim e un til it is liquida ted in th e im m ediate future. a } G oing conc ern concep t b) M on ey M ea surem ent C onc ep t c )A cco untin g p erio d concep t d) D ual asp ec t concep t 2 .. fe :H Tth e fo llow in g, w h ich is th e exam ple of in tas e t le l a s n gib a iM a ch inery b ) B u ilding c ) G o o d w ill d) Furn iture 3 T iledeterm ination o f exp en ses fo r an accoun ting periou is b ased on p rincipal o f a ) M a tch in g b) O bjectivity c) C o st . d) M a teriality 4 AM stan ds fo r a) A m erican A cco un ting .A sso cia tion b) A m erican .A ccountan ts A sso cia tion c ) A m erican A p prop ria te A ssoc iation d) N o n e of th e ab o ve

A cc ou ntin g P olic ie s sh o u ld n ot be ch an g e d fro m on e p e rio d to an o th e r is b a se d o n th e p rin c ip le o f a ) C o n siste n c y b ) F u ll d isc lo su re c) C on se rva tism d ) M a tch in g. 6 N o lim ite d c o m p a ny ca n ke ep a cc ou nt u n d e r th is sy st~ m , be ca u se of le ga l re stric tio n s, a ) D o u b le e ntry sy ste m ) sin .9 le e n try b

sy ste m

c ) D e sh i n a m a sy ste m d ) b& c b o th 7 N e t P ro fit R s. 35 ,0 0 0, In te re st o n c ap ital of tw o 'p a rtne rs, R & R im R,s. 3;00 0 00 , F in d o m a a R s. 4,0 ou t p ro fit o f R o m a co n sid e rin g p ro fit sha rin g ra tio 3 :2 , b ) R s 9 ,2 0 0 b ) R s. 1 6,80 0 c ) R s.1 2 ,3 0 0 R s.1 7 ,8 0 0 . 8 T h e m a n a g e r is en title d to 5% co m m issio n on th e p ro fit e a rn e d a fte r ch argin g su c h c o m m issio n . T h e p ro fit b e fo re co m m iss io n is R S .2 ,4 9 ,5 5 0 . F in d o ut/a m ou n t of c o m m iss io n . a ) R s.1 1 ,O O O b ) R S .1 1 ,8 83 c ) R s.1 2 ,8 8 3 d ) R S .1 2 ,4 77 9 A c co un tin g stan d a rd s in In d ia are issu e d by a ) C e n tralo v e rn m e n t g b ) S tate o v e rn m e n t g :) In s:it"te of rh a rte re d 3 C C O U :ltA n ts o f d) Ria se rve b an k o f In d ia In d e 10 T h e P rac tice o f ap pe n d in g n otes re g a rd in g co ntin g e n t lia b ilitie s in a c co un tin g sta te m e n t is in p u rsu a nt to a } C O ~ lV e n tio n of c on siste n cy b ) M o n e y m ea su re m e n t c o n ce pt c} C o n ve n tio n o f co n se rva tism d ) C o n v e n tio fn d isc lo su re o 11 T h e c on ve ntio n o f c o n se rv a tism , w h en a p p lied to th e b a la ncin sh e et re su lts e a ) U nd ersta te m en t of a sse ts b ) U n d e rsta te m e n t of lia b ilitie s c ) O v e rsta te m e nt o f ca p ita l d ) O ve rsta te m e n t o f a sse ts 12 W h ich of the follo w in g is o n e o f the m a jo r c on sid e ra tio n s gov e rn in g the 'selec tio n a n d a pp lica tio n o f a c co u n tin g p olic ie s? a ) P ru d e nc e b ) M a te ria lity c ) S u b sta nc e ov e r fo rm d ) A ll the th re e 13 In co m e a nd e xp en se s tha t a rise s fro m e ve nts o r tran sa ctio n s th a t a re c iea rly d istin c t fro m the o rd in a ry a ctIv itie s of th e en te rp rise s a nd th e re fo re a re no t e x pe cted to re cu r freq u e n tly o r re gu la rly a re ca lle d a ) ? rio r-pe rio d ite m s b) E xtrao rd in a ry ite m)sA b no rm a l ite m s d ) N o n - o rd in a ry ite m s. c 14 G o o d s in th e p ro ce ss o f b e ing p ro d uc ed b ut n o t y e t co m ple te d a s fin ish e d go o d s a re c a lle d a ) W o rk in p ro gre ss in ve n to ry " b ) G o o d s in floovre n to ry in c) R aw m a te rial c on su m e d to ry in v n d ) In p ro c e ss in ve n to ry 1 5' P u rch a se of a ca r by th e o w n e r fo r h is w ife ou t o f b u sin e ss fu n d s w ill le a d to: a ) In c re a se in a sse ts an d incre a se in ca pbitaIn c re a se in a ssets an d d ec re a se in c ap ital ) l c) D e c re a se in a sse ts an d inc re a se in ca p ita l d ) D e c re a se in a sse ts a n d de c re a se in ca p ita l 16 W h ic h o f th e fo llow in g is no t a n e x ce ptio n va s u eerco gn itio n c on ce pt. R e en pe R a ) C redB a s is it .b ) P ro du ctio n B a sis c ) C a sh B a sis' d ) H ire P u rc h a se T ra n sac tio n B a sis 17 T h e "po lic y o f pla y in g sa fe" ha s re la tio n w ith the . a ) C o n sista n c y b ) F ull D isc lo su re c) C on se rva tism d ) M a te riality 18 T h eD o c trin e of im p lie d a utho rity is ap plica b el to _ _ -. _ _ a ) C o -V e ntu re rs b ) C on sign o r c) P a rtne rs d ) C o n sig n e e N . to 19 A s p e rth e In d ia n C o m p an ie s A c t 1 9 5 6, In d ia n c o m p a n ie s h av e to& p ressA re& P ro fit ~ L o pa lc . N 8 a ia nc e S he et a s p e r g -N c i)S c he d u le V I P a& III rt Ii b ) S c h e d u le PV I I & III 31i ~ c ) S c he du le V I P a rt II &I d ) S ch ed ule V I P a& I III rt f2 A n sw e rs: 1 (a ), 2 (c ), 3(a ), 4(a ), 5 (a ), 6 (b ), 7(b ), 8((b)), 1 (a j, (d),1 3(a ), 1 4(a ), 1 5 (d ), 1 6 ~ d 1 9 (c.l, '\0 . l2 ;>\ ':7(,\ 18/c) 19(c)] N I~ .. , .... /~ \ , ~
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