The balance sheet, in which all the costs of the product that must be considered as its assets, is said to be

A. Factory overhead costs
B. Manufacturing overhead costs
C. Inventoriable costs
D. Finished costs

Short term Assets expected to be converted into cash within 1 year or less than?

A. Current assets
B. Fixed assets
C. Current assets& current liabilities
D. All of the above

Which of the following is not correct about Errors?

A. Errors which affect one account can be errors of posting
B. Errors of omission arise when any transaction is left to be recorded
C. Errors of carry forward from one year to another year affect both personal and real a/c
D. Errors of commission arise when any transaction is recorded in a fundamentally incorrect manner

For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows: March 31,2010 – ` 56,000 March 31, 2011 – ` 51,000 March 31, 2012 – ` 64,000 The entry on March 31, 2012 to rectify these omissions would include a

A. Credit to wage expense for ` 64,000
B. Debit to wage expense for ` 64,000
C. Debit to wage expense for ` 51,000
D. Debit to wage expense for ` 13,000

Which of the following is not a deferred revenue expenditure?

A. Expenses in connection with issue of equity shares
B. Preoperative expenses
C. Heavy advertising expenses to introduce a new product
D. Legal expenses incurred in defending a suit for breach of contract to supply goods

Which of the following enhances the earning capacity of an asset?

A. Increase in working capacity of an asset
B. Reduction in operating costs
C. Replacing damaged parts of an asset
D. Both a and c above

Difference in Bank Balance as per Pass Book and Cash Book may arise on account of_____________?

A. Cheque issued but not presented
B. Cheque issued but dishonoured
C. Cheque deposited and credited by bank
D. Both a and b

Which of the following statements is true with regard to written down value method of depreciation?i. The rate at which the asset is written off reduces year after year ii. The amount of depreciation provided reduces from year to year iii. The rate of depreciation as well as the amount of depreciation reduce year after year iv. The value of the asset gets reduced to zero over a period of time

A. Only (i) above
B. Only (ii) above
C. Both (i) and (ii) above
D. (i),(ii) and (iii) above

Bad debts recovered account will be transferred to______________?

A. Debtor‘s account
B. Profit and loss account
C. Provision for doubtful debt account
D. Either b or c above

Payments received in advance from a customer for a contract can be__________?

A. Shown as a deduction from contract work-in-progress on asset side
B. Shown as a liability
C. Credited to p&l a/c
D. Either a or b above