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What do you mean by Incomplete Record?
Incomplete record refers to those records which are not arranged according to the principles of double-entry.
Incomplete record refers to those records which are not arranged according to the principles of double-entry.
See lessGive two examples of capital expenditure.
The two examples of capital expenditure are. Purchase of Machinery Expenditure on the installation of Machinery
The two examples of capital expenditure are.
Purchase of Machinery
See lessExpenditure on the installation of Machinery
Closing stock is shown in Financial statement at (a) Cost Price (b) Realisable Value (c) Cost price or Realisable value whichever is greater (d) Cost price or Realisable value whichever is less
(c) Cost price or Realisable value whichever is less
(c) Cost price or Realisable value whichever is less
See lessMention two examples of revenue expenditure
The two examples of revenue expenditure are Purchase of Goods Salary, Rent, etc
The two examples of revenue expenditure are
Purchase of Goods
See lessSalary, Rent, etc
What journal account will be passed for prepaid insurance?
Prepaid Insurance A/c Dr. To Insurance A/c Cr.
Prepaid Insurance A/c Dr.
To Insurance A/c Cr.
See lessWhat journal account will be passed for outstanding salary?
Salary A/c Dr. To Outstanding Salary A/c Cr.
Salary A/c Dr.
To Outstanding Salary A/c Cr.
See lessWhat is an outstanding expense?
Outstanding expenses are those expenses which have been acquired during a given period of time but have left unpaid till the date of preparing a financial statement.
Outstanding expenses are those expenses which have been acquired during a given period of time but have left unpaid till the date of preparing a financial statement.
See lessState the formula to calculate operating profit from net profit.
Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses
Operating Profit = Net Profit – Non-Operating Income + Non-Operating Expenses
See lessThe purpose of preparing a final account is to determine: (a) Profit and Loss (b) Capital (c) The value of Assets (d) Profit and Loss and Financial position
(d) Profit and Loss and Financial position
(d) Profit and Loss and Financial position
See lessDefine Net profit
Net profit refers to the surplus of all the revenues overall expenses and losses of a company.
Net profit refers to the surplus of all the revenues overall expenses and losses of a company.
See less