The benefit from the expenditure is spread for not more than one year is called
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Solution
Revenue expenditures are for one year only.
When preparing a Bank reconciliation statement, if you start with balance as per cash book, then dividends directly collected by bank but not yet entered in cash book within the period are ____________
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Solution
Dividends directly collected by bank will be added in the given case.
Present liability of uncertain amount which can be measured reliably by using a substantial degree of estimation is termed as _______
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Solution
Present liability of uncertain amount is provision, if measured reliably by using estimation.
Prepaid insurance given in trial balance is recorded in __________
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Solution
Prepaid insurance given in trial balance is recorded in Balance Sheet.
In case of credit balance, the words _______ are written on the credit side.
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Solution
‘By balance b/d’ are written on cr. side in case of cr. balance.
The main causes of depreciation include:
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Solution
Main cause of depreciation include effluxion of time, obsolencence and physical wear & tear.
Inventory is valued at
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Solution
Inventory is valued at cost or market value whichever is less.
According to the Companies Act, 2013, Balance Sheet of a company is prepared as per
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Solution
Balance sheet is prepared as per Part I of Schedule III as per Companies Act, 2013.
Dividends are usually paid as a percentage of ______
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Solution
Dividends are paid as percentage of paid up capital.
Loss on issue of debentures for 5 years is treated as ______
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Solution
Loss on issue debentures for 5 years is other non-current asset.