Tag: basic accounting terminology
Questions Related to basic accounting terminology
Vouching may be formed as ____________________.
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Identification of the documentary evidence supporting the transaction
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Verification of the document supporting the transaction
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Authentication of document supporting the transaction
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Verification of the accuracy and authenticity of the transaction
Which is an unearned income?
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Insurance premium received in advance
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Rent received in advance
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Depreciation
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Both A & B
Unearned Income is that income which is received in advance. That mean income received against which services are not provided so far.
The bank statement reports a credit transfer of Rs.$4000$ from a customer. Accounting entries for this is _____________________.
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A debit in the cash account and a credit the account of the debtor concerned
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A debit in the bank account and a credit in the cash account
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A debit in the bank account and a credit in the account of the customer concerned
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A debit in the account of the debtor concerned and a credit in the bank account
As per double entry system of accounting, every transaction affects two account. In the given transaction, Bank and customer account are affected. Bank account is a real account and customer account is a personal account.
The characteristic that is always present with joint venture is _____________.
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it has an end life
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there is no specific act for joint venture
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profit is ascertained only after the end of the specific venture
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All of the above
A joint venture is a business entity created by two or more parties generally to share the ownership to complete a specific task or venture.
India suffered from deficit balance both in trade and balance and not invisibles, hence took up a number of Steps to manage the problem. Which one is not appropriate for this?
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Export control
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Current Account Convertibility
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Liberalised Export Policy
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Unified Exchange Rate
Export control regulations are federal laws that prohibit the unlicensed export of certain commodities or information for reasons of national security or protections of trade.
The term cost refers to __________.
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the present value of future benefits
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the value of sacrifice made to acquire goods or services
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an asset that has given benefit but now expired
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the price of products sold or services rendered
In regression analysis, if predicted cost value is 65 and observed cost value is 19 then disturbance term will be _________.
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46
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56
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36
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76
According to the traditional approach cost of capital affected by?
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debt-equity mix
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debt-capital mix
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equity expenses mix
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debt-interest mix