How is Prepares asset liability and capital account entries by comiling?

How is Prepares asset liability and capital account entries by comiling?
by

1 Answer

Answer :

Need answer
by
selected by

Related questions

Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Description : Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Last Answer : Answer: Meeting the cost of issue of shares or debentures

The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.

Description : The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.

Last Answer : d. all temporary accounts.

Government grants related to income as per the Accounting Standard (AS)-12 should be– (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset side of the balance sheet (C) Presented as a capital grant on the liability side of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet

Working capital will increase A. If Current Asset Decrease B. If Current Liability Decrease C. If Current LiabilityIncrease D. If new shares are issued

Description : Working capital will increase A. If Current Asset Decrease B. If Current Liability Decrease C. If Current LiabilityIncrease D. If new shares are issued

Last Answer : B. If Current Liability Decrease

Excess of current asset over current liability is known as ------------- a) Gross working capital b) Net working capital c) Average working capital d) None of these

Description : Excess of current asset over current liability is known as ------------- a) Gross working capital b) Net working capital c) Average working capital d) None of these

Last Answer : a) Gross working capital

my mothers home of 30 years is now said to be a liability rather then an asset. she has worked her whole life for this house and sense my father died unexpectedly about 5 years ago she has been struggling greatly. well i guess what i want to know is if th?

Description : my mothers home of 30 years is now said to be a liability rather then an asset. she has worked her whole life for this house and sense my father died unexpectedly about 5 years ago she has been struggling greatly. well i guess what i want to know is if th?

Last Answer : my father died approxamently 5 years ago, my mother has sense taken out a second morgage on her home and has now recently been informed that her home is no longer an asset but rather a liability. is there a grant out there to help my mother keep her home of 30 years?

A balance sheet for a chemical plant shows its financial condition at any given date. It does not contain the __________ of the plant. (A) Current asset (B) Current liability (C) Long term debt (D) Profit

Description : A balance sheet for a chemical plant shows its financial condition at any given date. It does not contain the __________ of the plant. (A) Current asset (B) Current liability (C) Long term debt (D) Profit

Last Answer : D) Profit

___________ value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm‟s length transaction.

Description : ___________ value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm‟s length transaction.

Last Answer : Fair,

Exchange rate is the rate at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Description : Exchange rate is the rate at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Last Answer : FALSE

Goodwill is an ______ asset. A Intangible B Tangible C Asset D Liability

Description : Goodwill is an ______ asset. A Intangible B Tangible C Asset D Liability

Last Answer : Intangible

Trade Payables are recorded in................ a) Asset side of B/S b) Liability side of B/S c) P & L a/c d) None ofthe above

Description : Trade Payables are recorded in................ a) Asset side of B/S b) Liability side of B/S c) P & L a/c d) None ofthe above

Last Answer : b) Liability side of B/S

Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c

Description : Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c

Last Answer : B. liability side of the balance sheet

An appropriation of profit is --------------------- a) Current asset b) Non current asset c) Provision for taxation d) Non current liability

Description : An appropriation of profit is --------------------- a) Current asset b) Non current asset c) Provision for taxation d) Non current liability

Last Answer : c) Provision for taxation

Proposed dividend is a-------- a) Current liability b) Current asset c) Noncurrent liability d) Expense

Description : Proposed dividend is a-------- a) Current liability b) Current asset c) Noncurrent liability d) Expense

Last Answer : a) Current liability

Stock and prepaid expanses are not included in ---------------- a) Current asset b) Fixed asset c) Current liability d) Quick asset

Description : Stock and prepaid expanses are not included in ---------------- a) Current asset b) Fixed asset c) Current liability d) Quick asset

Last Answer : d) Quick asset

The asset, the amount of which can be realized within a period of one year are known as ---------------- a) Current liability b) Current asset c) Liquid liability d) Fixed asset

Description : The asset, the amount of which can be realized within a period of one year are known as ---------------- a) Current liability b) Current asset c) Liquid liability d) Fixed asset

Last Answer : b) Current asset

he ratio of current asset to currnt liability is known as -------------- a) Liquid ratio b) Current ratio c) Absolute liquid ratio d) Turn over ratio

Description : he ratio of current asset to currnt liability is known as -------------- a) Liquid ratio b) Current ratio c) Absolute liquid ratio d) Turn over ratio

Last Answer : b) Current ratio

Entries in BO slip are made and signed by a) Sub postmaster b) Treasure c) Sub account assistant d) Any one of the above

Description : Entries in BO slip are made and signed by a) Sub postmaster b) Treasure c) Sub account assistant d) Any one of the above

Last Answer : c) Sub account assistant

In preparing closing entries for a merchandising company, the Income Summary account will be credited for the balance of a. sales. b. merchandise inventory. c. sales discounts. d. freight-out.

Description : In preparing closing entries for a merchandising company, the Income Summary account will be credited for the balance of a. sales. b. merchandise inventory. c. sales discounts. d. freight-out.

Last Answer : b. merchandise inventory.

Correcting entries a. always affect at least one balance sheet account and one income statement account. b. affect income statement accounts only. c. affect balance sheet accounts only. d. may involve any combination of accounts in need of correction.

Description : Correcting entries a. always affect at least one balance sheet account and one income statement account. b. affect income statement accounts only. c. affect balance sheet accounts only. d. may involve any combination of accounts in need of correction.

Last Answer : d. may involve any combination of accounts in need of correction.

The balances that appear on the post-closing trial balance will match the a. income statement account balances after adjustments. b. balance sheet account balances after closing entries. c. income statement account balances after closing entries. d. balance sheet account balances after adjustments.

Description : The balances that appear on the post-closing trial balance will match the a. income statement account balances after adjustments. b. balance sheet account balances after closing entries. ... statement account balances after closing entries. d. balance sheet account balances after adjustments.

Last Answer : b. balance sheet account balances after closing entries.

In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Description : In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.

Last Answer : b. each expense account will be credited.

Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Description : Closing entries a. are prepared before the financial statements. b. reduce the number of permanent accounts. c. cause the revenue and expense accounts to have zero balances. d. summarize the activity in every account.

Last Answer : c. cause the revenue and expense accounts to have zero balances.

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Description : After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Last Answer : a. adjusted trial balance.

1 Pass opening entries: Debtors ₹ 20,000; Creditors ₹ 30,000; Computer ₹ 50,000 and Capital ₹ 40,000. 

Description : 1 Pass opening entries: Debtors ₹ 20,000; Creditors ₹ 30,000; Computer ₹ 50,000 and Capital ₹ 40,000. 

Last Answer : Journalise the following transactions in the Journal Proper of Mr. Mahadev. 1 Pass opening entries: ... Allowed cash discount of ₹ 1,000 to Ajay.

When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to______ (A) Realisation Account (B) Bank Account (D) Liability Account (D) Creditors Account

Last Answer : (A) Realisation Account

When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to (A) Realisation Account (B) Bank Account (C) Liability Account (D)None of the above

Description : When the purchasing company does not take over a particular liability and the vendor company pays that liability, it will debit it to (A) Realisation Account (B) Bank Account (C) Liability Account (D)None of the above

Last Answer : (A) Realisation Account

Recording of capital contributed by the owner as liability ensures the adherence of principle of– (A) Consistency (B) Going concern (C) Separate entity (D) Materiality

Description : Recording of capital contributed by the owner as liability ensures the adherence of principle of– (A) Consistency (B) Going concern (C) Separate entity (D) Materiality

Last Answer : Answer: Separate entity

If the current assets and working capital of a company are rs.80,000 and rs.50000 then current liability will be------------- a) Rs.1,00,000 b) Rs.1,30,000 c) Rs.70000 d) Rs.30000

Description : If the current assets and working capital of a company are rs.80,000 and rs.50000 then current liability will be------------- a) Rs.1,00,000 b) Rs.1,30,000 c) Rs.70000 d) Rs.30000

Last Answer : d) Rs.30000

How do you decrease an asset account?

Description : How do you decrease an asset account?

Last Answer : What is the answer ?

PAN in Business terms means 1. Performing Asset Number 2. Personal Address Number 3. Permanent Account Number 4. Personal Account Number 5. None of these

Description : PAN in Business terms means 1. Performing Asset Number 2. Personal Address Number 3. Permanent Account Number 4. Personal Account Number 5. None of these

Last Answer : Permanent Account Number

The Sales Returns and Allowances account is classified as a(n) a. asset account. b. contra asset account. c. expense account.

Description : The Sales Returns and Allowances account is classified as a(n) a. asset account. b. contra asset account. c. expense account.

Last Answer : b. contra asset account.

At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet

Description : At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet

Last Answer : Answer: D

____________ is the amount invested by the owner of a business. (a) Cash (b) Money (c) Asset (d) Capital

Description : ____________ is the amount invested by the owner of a business. (a) Cash (b) Money (c) Asset (d) Capital

Last Answer : ____________ is the amount invested by the owner of a business. (a) Cash (b) Money (c) Asset (d) Capital

How do you calculate the asset beta, equally weighted asset beta and cost of capital equity for 3 given firms?

Description : How do you calculate the asset beta, equally weighted asset beta and cost of capital equity for 3 given firms?

Last Answer : An equity analyst needs to estimate the beta of the restaurant business in the UK. She gathers data on three companies that own and manage pubs, bars and restaurants in the country, namely, the Restaurant Group ( ... is 1.9b GBP. Wetherspoon has an equity beta of 0.80 and is financed 30% by debt a

Who defined investment as "the construction of a new capital asset like machinery or factory building"? (1) Hansen (2) J.M. Keynes (3) Harrod (4) J.R. Hicks

Description : Who defined investment as "the construction of a new capital asset like machinery or factory building"? (1) Hansen (2) J.M. Keynes (3) Harrod (4) J.R. Hicks

Last Answer : (2) J.M. Keynes Explanation: Investment expenditure refers to the creation of new assets i.e. an addition to the stock of existing capital assets. According to Keynes investment demand depends upon ... the rate of interest (IR). Investment demand decreases with the increase in the rate of interest.

In Bank‟s balance sheet, which of the following is an asset? A. Its paid up capital B. Its saved deposits C. Its instrument in government securities D. Its accumulated Reserve Funds E. Its Current Deposits

Description : In Bank‟s balance sheet, which of the following is an asset? A. Its paid up capital B. Its saved deposits C. Its instrument in government securities D. Its accumulated Reserve Funds E. Its Current Deposits

Last Answer : C. Its instrument in government securities Explanation: Bank assets comprises cash, money at short notice, bills and securities discounted, bank‘s investments in government securities, loans sanctioned by the bank.

Which of the following is not a capital budgeting decision? A. Expansion programme B. Merger C. Replacement of an Asset D. Inventory Level

Description : Which of the following is not a capital budgeting decision? A. Expansion programme B. Merger C. Replacement of an Asset D. Inventory Level

Last Answer : D. Inventory Level

Which of the following statements is true of Insured Asset Allocation? A. It is aimed at benefiting from short-term under pricing and over pricing of assets. B. In this strategy the risk tolerance of the investor are ignored. C. In this strategy long-term predictions regarding the capital markets are used. D. In this strategy the asset mix is held constant. E. It is a strategy aimed at achieving the objectives of the investor without depending on market timing.

Description : Which of the following statements is true of Insured Asset Allocation? A. It is aimed at benefiting from short-term under pricing and over pricing of assets. B. In this strategy the risk ... . It is a strategy aimed at achieving the objectives of the investor without depending on market timing

Last Answer : E. It is a strategy aimed at achieving the objectives of the investor without depending on market timing.

What is the purpose of preparation of correction slip and when it will prepared ? a. record revenue and capital , Quarterly b intimation of addition /modification of land and building to circle office , end of the year c record the asset details , monthly preparation

Description : What is the purpose of preparation of correction slip and when it will prepared ? a. record revenue and capital , Quarterly b intimation of addition /modification of land and building to circle office , end of the year c record the asset details , monthly preparation

Last Answer : b intimation of addition /modification of land and building to circle office , end of the year

Gross assets are Rs.1,01,000, fictitious assets Rs.350 are included in the gross assets. External liabilities are Rs.7,500. 6% prefer share capital is Rs.45,000. Equity capital is 4,500 equity shares of Rs.10 each fully paid. Average expected profit is Rs.8,500. Transfer to reserves is 10%. Pref. dividend is payable. NRR is 9%. The Net Asset Value Per share is A Rs.11 B Rs.10.70 C Rs.15 D Rs.20s

Description : Gross assets are Rs.1,01,000, fictitious assets Rs.350 are included in the gross assets. External liabilities are Rs.7,500. 6% prefer share capital is Rs.45,000. Equity capital is 4,500 equity shares of Rs.10 each fully ... . The Net Asset Value Per share is A Rs.11 B Rs.10.70 C Rs.15 D Rs.20

Last Answer : Rs.10.70

Following is the application of fund A. Decrease in balance of Fixed Asset B. Decrease in working capital C. Decrease in net profit D. Decrease in preliminary expenses

Description : Following is the application of fund A. Decrease in balance of Fixed Asset B. Decrease in working capital C. Decrease in net profit D. Decrease in preliminary expenses

Last Answer : C. Decrease in net profit

A firm’s investment in current asset is known as ---------------- a) Net working capital b) Gross working capital c) Average working capital d) None of these

Description : A firm’s investment in current asset is known as ---------------- a) Net working capital b) Gross working capital c) Average working capital d) None of these

Last Answer : b) Gross working capital

Inflow of fund does not take place due to---------------- a) Funds from operation b) Increase in capital c) Increase in working capital d) Sale of fixed asset

Description : Inflow of fund does not take place due to---------------- a) Funds from operation b) Increase in capital c) Increase in working capital d) Sale of fixed asset

Last Answer : b) Increase in capital

Current liabilities are equals to------------------------------- a) Working capital +current assets b) Working capital-current assets c) Current assets-working capital d) Current asset + working capital

Description : Current liabilities are equals to------------------------------- a) Working capital +current assets b) Working capital-current assets c) Current assets-working capital d) Current asset + working capital

Last Answer : c) Current assets-working capital

Working capital is expressed as------ a) Current asset-fixed asset b) Fixed assets-current liabilities c) Current assets-current liabilities d) None of these

Description : Working capital is expressed as------ a) Current asset-fixed asset b) Fixed assets-current liabilities c) Current assets-current liabilities d) None of these

Last Answer : c) Current assets-current liabilities

Net capital employed is equal to --------------- a) Total assets minus liabilities b) Fixed asset plus net working capital c) Total asset minus long-term liabilities d) Total assets

Description : Net capital employed is equal to --------------- a) Total assets minus liabilities b) Fixed asset plus net working capital c) Total asset minus long-term liabilities d) Total assets

Last Answer : b) Fixed asset plus net working capital

The ratio which shows the relationship between borrowed funds and owners capital is --------------- a) Proprietary ratio b) Debt equity ratio c) Capital gearing ratio d) Fixed asset ratio

Description : The ratio which shows the relationship between borrowed funds and owners capital is --------------- a) Proprietary ratio b) Debt equity ratio c) Capital gearing ratio d) Fixed asset ratio

Last Answer : b) Debt equity ratio