Carrying expenses is a ___________ expenses .
Direct
Indirect
None of these
Both of these
Financial statement present a true and fair view of the ________ of the business.
Profit/loss
Profitability
Assets/liabilities
All of these
By following the principle of conservation closing stock is valued at _________.
Cost price
Market price
Cost price or market price which ever in lower
___________ can be prepared so many times a year.
Final a/c
Trial Balance
If Sales Tax collected or 'Sales Tax' is mentioned on the credit side of trial balance, it will be shown on the ______ side of Balance sheet.
Asset
Liability
Both side
Unaffected
___________ are interested to know the profitability position as well as the short term and long term financial soundness of the company
Management
Government
Investors
Tax authorities
The Balance of Manufacturing account indicates
Cost of goods sold
Value of opening stock
Cost of goods Manufactured
Items of Balance sheet asset side not represented by any tangible thing but transferring them to Profit & Loss account gradually is _________.
Wasting assets
Contingent assets
Fictitious assets
Liquid assets
If the debit side of profit and loss exceed the credit side, the result is ___________.
Net loss
Net profit
Gross loss
Gross profit
Rahul's trial balance provide you the following information debtors Rs. 80,000 Bad debits Rs.2,000 Provision for Bad debits 4,000. It is derived to maintain a provision for bad debt of Rs. 1,000. State the amount to be debited/credited in profit and loss account.
Rs. 5,000 (Debit)
Rs. 3,000 (Debit)
Rs. 1,000 (Credit)