Generally, when the size of the venture is ________, the co-venturers keep separate set of books of account for the joint venture.
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Solution
Co-venturers keep separate set of books of accounts if venture size is big.
_________ is unavoidable and should be spread over the entire consignment while valuing consignment inventory.
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Solution
Normal loss is unavoidable and should be spread over the entire consignment.
Commission provided by the consignor to the consignee to promote credit sale is known as _____________
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Solution
To promote credit sales, Del-credere commission is provided.
At the time of admission of a new partner, if the value of goodwill is shown in the books, it is written back by ________
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Solution
Existing goodwill is written back by old partners in old profit/loss ratio.
Joint venture account is a ________
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Solution
Joint venture A/c shows profit/Loss and is a nominal A/c.
Inventories should be generally valued at lower of cost or ________
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Solution
Inventories are valued at lower of cost or NRV.
When opening inventory is overstated, net income for the accounting period will be ___.
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Solution
If opening inventory is overstated, income for an accounting period will be under-stated.
If an effect of an error is cancelled by the effect of some other error, it is commonly known as ___________
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Solution
These errors are called compensating errors.
In journal, transactions are recorded on __________.
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Solution
Transactions are recorded in Chronological order (in order of occurence) in journal.
In ledger, there are _______ columns
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Solution
In ledger, 8 columns are prepared.