A statement of __________ is to be prepared in under to find out profit or loss under a single entry system. 

A statement of __________ is to be prepared in under to find out profit or loss under a single entry system. 
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A statement of __________ is to be prepared in under to find out profit or loss under a single entry system ... (c) Revenue (d) Profit or Loss
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Which statement is prepared under the single entry system to ascertain profit?

Description : Which statement is prepared under the single entry system to ascertain profit?

Last Answer : Which statement is prepared under the single entry system to ascertain profit?

Under Single Entry System only ________ are opened. 

Description : Under Single Entry System only ________ are opened. 

Last Answer : Under Single Entry System only ________ are opened. (a) Cash and Personal Accounts (b) Real ... c) Nominal Accounts (d) Real and Nominal Accounts

Drawings made during the year decrease the profit under the Single Entry System.

Description : Drawings made during the year decrease the profit under the Single Entry System.

Last Answer : State True or False with reasons: Drawings made during the year decrease the profit under the Single Entry System.

Under single Entry system, Profit = Closing Capital less __________ 

Description : Under single Entry system, Profit = Closing Capital less __________ 

Last Answer : Under single Entry system, Profit = Closing Capital less __________ (a) Opening Capital (b) ... Assets (c) Opening Liabilities (d) Drawings

Long-term equilibrium of an Industry under a perfectly market conditions in achieved when (a) All the firms are earning normal profit ; (b) All the firms are in equilibrium ; (c) There is no further entry or exit of firms from the industry ; (d) All the three

Description : Long-term equilibrium of an Industry under a perfectly market conditions in achieved when (a) All the firms are earning normal profit ; (b) All the firms are in equilibrium ; (c) There is no further entry or exit of firms from the industry ; (d) All the three

Last Answer :  (d) All the three

____________ is the act of transferring an entry from journal to ledger. 

Description : ____________ is the act of transferring an entry from journal to ledger. 

Last Answer : ____________ is the act of transferring an entry from journal to ledger. (a) Journalising (b) Casting (c) Balancing (d) Posting

How is closing capital calculated under a single entry system?

Description : How is closing capital calculated under a single entry system?

Last Answer : How is closing capital calculated under a single entry system?

(i) Excess of opening capital over closing capital of proprietor under single entry system.

Description : (i) Excess of opening capital over closing capital of proprietor under single entry system.

Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i) ... (v) The incomplete method of the accounting system.

Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.

Description : Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.

Last Answer : b. periodic inventory system.

Give journal entry for adjusting profit made due to change in method of depreciation.

Description : Give journal entry for adjusting profit made due to change in method of depreciation.

Last Answer : It can only be achieved by reducing rate of Dep retrospectively.

In a pure monopoly firm a firm can make abnormal profit at the long run equilibrium level due to (a) Price discrimination;(b)Cost effectiveness ; (c) Banned entry of new firms ; (d) Sales promotion

Description : In a pure monopoly firm a firm can make abnormal profit at the long run equilibrium level due to (a) Price discrimination;(b)Cost effectiveness ; (c) Banned entry of new firms ; (d) Sales promotion

Last Answer : (c) Banned entry of new firms ;

In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes (a) Profits and new firms join the market ; (b) Profit and bar entry to new firms; (c) Makes losses and exit the market ; (d) Quick profit and disappears

Description : In the short run if the price is above the average total cost in a monopolistic competitive market, the firm makes (a) Profits and new firms join the market ; (b) Profit and bar entry to new firms; (c) Makes losses and exit the market ; (d) Quick profit and disappears

Last Answer : (a) Profits and new firms join the market ;

Under the __________ system of depreciation, the amount of depreciation does not change from year to year. 

Description : Under the __________ system of depreciation, the amount of depreciation does not change from year to year. 

Last Answer : Under the __________ system of depreciation, the amount of depreciation does not change from year to year. ... (c) Depletion (d) Machine Hour Rate

The profit on sale of an asset is debited to _________ A/c. 

Description : The profit on sale of an asset is debited to _________ A/c. 

Last Answer : The profit on sale of an asset is debited to _________ A/c. (a) Profit and Loss (b) Reserve (c) Asset (d) Balance sheet

What is the objective of preparing comparative statement of profit and loss

Description : What is the objective of preparing comparative statement of profit and loss

Last Answer : What is the objective of preparing comparative statement of profit and loss

(i) In statement of profit or loss, profit on sale of assets are _________ to closing capital.

Description : (i) In statement of profit or loss, profit on sale of assets are _________ to closing capital.

Last Answer : Fill in the Blanks : (i) In statement of profit or loss, profit on sale of assets are ... capital balance from __________ at the end of the year.

Statement of profit is just like Profit and Loss Account.

Description : Statement of profit is just like Profit and Loss Account.

Last Answer : State True or False with reasons: Statement of profit is just like Profit and Loss Account.

What is a Statement of Profit or Loss?

Description : What is a Statement of Profit or Loss?

Last Answer : What is a Statement of Profit or Loss?

What is the business definition for profit loss statement?

Description : What is the business definition for profit loss statement?

Last Answer : The business definition of the profit loss statement is a financial statement that explains your costs, expenses and revenues in a specific time period.

Where can I find a profit loss statement?

Description : Where can I find a profit loss statement?

Last Answer : A profit loss statement is a statement that summarizes costs, expenses, and revenues. Microsoft office has a downloadable profit loss statement template. The link to this template is http://office.microsoft.com/en-us/templates/profit-and-loss-statement-TC001115484.aspx

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

Cash Flow Statement is prepared from A. Profit and loss account B. Balance Sheet C. Additional Information D. All of the above

Description : Cash Flow Statement is prepared from A. Profit and loss account B. Balance Sheet C. Additional Information D. All of the above

Last Answer : D. All of the above

Return on investment is a---------------- a) Profit and loss account ratio b) Balance sheet ratio c) Combined ratio d) Position statement ratio

Description : Return on investment is a---------------- a) Profit and loss account ratio b) Balance sheet ratio c) Combined ratio d) Position statement ratio

Last Answer : c) Combined ratio

Study of the trend of the same items of two or more balance sheets a) Common size Profit and Loss A/C b) Common size balance sheet c) Comparative Income statement d) Comparative Balance Sheet

Description : Study of the trend of the same items of two or more balance sheets a) Common size Profit and Loss A/C b) Common size balance sheet c) Comparative Income statement d) Comparative Balance Sheet

Last Answer : Common size balance sheet

Afford full diagnosis of the profitability and financial position a) Preparation of Profit and Loss Account b) Balance Sheet c) Final Accounts d) Analysis of financial statement

Description : Afford full diagnosis of the profitability and financial position a) Preparation of Profit and Loss Account b) Balance Sheet c) Final Accounts d) Analysis of financial statement

Last Answer : d) Analysis of financial statement

-------- helps to disclose financial position a) Trial Balance b) Profit and Loss Account c) Balance sheet d) Income Statement

Description : -------- helps to disclose financial position a) Trial Balance b) Profit and Loss Account c) Balance sheet d) Income Statement

Last Answer : -------- helps to disclose financial position a) Trial Balance b) Profit and Loss Account c) Balance sheet d) Income Statement

(i) The single Entry System of Book-keeping is a scientific method of books of accounts.

Description : (i) The single Entry System of Book-keeping is a scientific method of books of accounts.

Last Answer : Do you agree with the following statements? (i) The single Entry System of Book-keeping is ... Entry System follows the golden rules of accounts.

All transactions are recorded in the Single Entry System

Description : All transactions are recorded in the Single Entry System

Last Answer : State True or False with reasons: All transactions are recorded in the Single Entry System

The single Entry System is based on certain rules and principles.

Description : The single Entry System is based on certain rules and principles.

Last Answer : State True or False with reasons: The single Entry System is based on certain rules and principles.

A UNIX file system has 1 KB block size and 4-byte disk addresses. What is the maximum file size if the inode contains ten direct block entries, one single indirect block entry, one double indirect block entry and one triple indirect block entry? (A) 30 GB (B) 64 GB (C) 16 GB (D) 1 GB

Description : A UNIX file system has 1 KB block size and 4-byte disk addresses. What is the maximum file size if the inode contains ten direct block entries, one single indirect block entry, one double indirect block entry and one triple indirect block entry? (A) 30 GB (B) 64 GB (C) 16 GB (D) 1 GB

Last Answer : (C) 16 GB

A unix file system has 1-KB blocks and 4-byte disk addresses. What is the maximum file size if i-nodes contain 10 direct entries and one single, double and triple indirect entry each? (A) 32 GB (B) 64 GB (C) 16 GB (D) 1 GB

Description : A unix file system has 1-KB blocks and 4-byte disk addresses. What is the maximum file size if i-nodes contain 10 direct entries and one single, double and triple indirect entry each? (A) 32 GB (B) 64 GB (C) 16 GB (D) 1 GB

Last Answer : (C) 16 GB

Under the Net worth method, the basis for ascertaining profit or loss is the difference between ________ 

Description : Under the Net worth method, the basis for ascertaining profit or loss is the difference between ________ 

Last Answer : Under the Net worth method, the basis for ascertaining profit or loss is the difference between ________ ... dates (d) Net assets on two dates

Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Description : Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Last Answer : Answer: All of the above

Breakeven point represents the condition, when the company runs under no profit no loss condition. In break even analysis, total cost comprises of fixed cost (A) Only (B) Plus variable cost (C) Plus overhead cost (D) Plus selling expenses

Description : Breakeven point represents the condition, when the company runs under no profit no loss condition. In break even analysis, total cost comprises of fixed cost (A) Only (B) Plus variable cost (C) Plus overhead cost (D) Plus selling expenses

Last Answer : Option B

An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily result in the preparation of a report. b. The usual audit of financial statement covers the four basic financial statements whereas the operational audit is usually limited either the balance sheet or the income statement. c. The boundaries of an operation audit are often drawn from anorganization chart and are notlimited to a single accountingperiod.d. The operational audit deals withoperating profit while financial auditconsiders both the operating and netprofits.

Description : An operational audit differs in many ways from an audit of financial statements. Which of the following is the best example of these differences? a. Operation audits do not ordinarily ... audit deals with operating profit while financial audit considers both the operating and net profits.

Last Answer : The boundaries of an operation audit are often drawn from anorganization chart and are not limited to a single accounting period

Which one of the following is shown on a multiple-step but not on a single-step income statement? a. Net sales b. Net income c. Gross profit d. Cost of goods sold

Description : Which one of the following is shown on a multiple-step but not on a single-step income statement? a. Net sales b. Net income c. Gross profit d. Cost of goods sold

Last Answer : c. Gross profit

Fat present below the skin surface in our body acts as a barrier against – (1) loss of heat from the body (2) loss of essential body fluids (3) loss of salt from the body (4) entry of harmful micro-organisms from the environment

Description : Fat present below the skin surface in our body acts as a barrier against – (1) loss of heat from the body (2) loss of essential body fluids (3) loss of salt from the body (4) entry of harmful micro-organisms from the environment

Last Answer : (1) loss of heat from the body Explanation: A layer of body fat acts as an insulator and traps heat. The subcutis is the deepest layer of skin. The subcutis, consisting of a network of collagen ... , helps conserve the body's heat and protects the body from injury by acting as a "shock absorber.

Satellites burn off during re-entry to earth's atmosphere, because of the (A) Combustion with air (B) Gravitational pull by earth (C) Friction with earth's atmosphere (D) Loss in weight of the satellite

Description : Satellites burn off during re-entry to earth's atmosphere, because of the (A) Combustion with air (B) Gravitational pull by earth (C) Friction with earth's atmosphere (D) Loss in weight of the satellite

Last Answer : Option C

For the implementation of a paging scheme, suppose the average process size be x bytes, the page size be y bytes, and each page entry requires z bytes. The optimum page size that minimizes the total overhead due to the page table and the internal fragmentation loss is given by (A) x/2 (B) xz/2 (C) √2xz (D) (√xz)/2

Description : For the implementation of a paging scheme, suppose the average process size be x bytes, the page size be y bytes, and each page entry requires z bytes. The optimum page size that minimizes the total overhead due to the page ... fragmentation loss is given by (A) x/2 (B) xz/2 (C) √2xz (D) (√xz)/2

Last Answer : (C) √2xz 

Fat present below the skin surface in our body acts as a barrier against (1) loss of heat from the body (2) loss of essential body fluids (3) loss of salt from the body (4) entry of harmful micro-organisms from the environment

Description : Fat present below the skin surface in our body acts as a barrier against (1) loss of heat from the body (2) loss of essential body fluids (3) loss of salt from the body (4) entry of harmful micro-organisms from the environment

Last Answer : loss of heat from the body

Arithmetical accuracy cannot be checked in Single Entry.

Description : Arithmetical accuracy cannot be checked in Single Entry.

Last Answer : State True or False with reasons: Arithmetical accuracy cannot be checked in Single Entry.

Which one of the following is not a feature of monopoly? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Description : Which one of the following is not a feature of monopoly? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Last Answer : (2) Heavy selling costs Explanation: Heavy selling cost is one of the defining features of an oligopoly. Firms resort to heavy selling cost to attract customers. Under this market ... mainly by heavy advertising and promotional expenditure that ultimately adds to the total selling cost.

A monopoly is characterized by (a) Limited entry and exit opportunity ; (b) Single supplier ; (c) Few customers ; (d) All the three

Description : A monopoly is characterized by (a) Limited entry and exit opportunity ; (b) Single supplier ; (c) Few customers ; (d) All the three

Last Answer : (a) Limited entry and exit opportunity ;

Which one of the following is not a feature of monopoly ? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Description : Which one of the following is not a feature of monopoly ? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Last Answer : Heavy selling costs

he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and Allowances Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Description : he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and ... Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Last Answer : d. Merchandise Inventory Cost of Goods Sold

The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Description : The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.

Last Answer : d. Merchandise Inventory.

System test can begin when? I. The test team competes a three day smoke test and reports on the results to the system test phase entry meeting II. The development team provides software to the test team 3 business days prior to starting of the system testing III. All components are under formal, automated configuration and release management control A. I and II only B. II and III only C. I and III only D. I, II and III

Description : System test can begin when? I. The test team competes a three day smoke test and reports on the results to the system test phase entry meeting II. The development team provides software to the test team 3 business days prior ... . I and II only B. II and III only C. I and III only D. I, II and III

Last Answer : D. I, II and III

1. Genetic material in bacterium is a single chromosome made up of circular and coiled _______. 

Description : 1. Genetic material in bacterium is a single chromosome made up of circular and coiled _______. 

Last Answer : Fill in the blanks. 1. Genetic material in bacterium is a single chromosome made ... cells are known as extrachromosomal selfreplicating DNA.

As per the Competition Act, 2002, the sale of goods at a price, which is below the cost of production with a view to eliminate the competitors is called __________. a) predatory price b) preparatory price c) entry barrier price d) exit barrier price

Description : As per the Competition Act, 2002, the sale of goods at a price, which is below the cost of production with a view to eliminate the competitors is called __________. a) predatory price b) preparatory price c) entry barrier price d) exit barrier price

Last Answer : a) predatory price

Point out the correct statement. a) Except for tightly managed SaaS cloud providers, the burden of resource management is still in the hands of the user b) Cloud computing vendors run very reliable networks c) The low barrier to entry cannot be accompanied by a low barrier to provisioning d) All of the mentioned

Description : Point out the correct statement. a) Except for tightly managed SaaS cloud providers, the burden of resource management is still in the hands of the user b) Cloud computing vendors run very reliable ... barrier to entry cannot be accompanied by a low barrier to provisioning d) All of the mentioned

Last Answer : Cloud computing vendors run very reliable networks