Question
A company pays insurance premium of ₹24,000 for 12
months in advance in March 2025 for the period January 2025 to December 2025. The accountant records the entire amount in the Profit & Loss account of FY 2024–25. Is this treatment appropriate?Solution
Matching principle requires expenses to be recognised in the period they relate to. ₹18,000 is for April–Dec 2025 and should be treated as prepaid.
A want becomes a demand only when it is backed by the
The word ‘BUDGET’ was taken from the _________ word.
When unemployment of potential workers that is not reflected in official unemployment statistics, due to the way the statistics are collected, it is kn...
What does an Inverted Duty Structure imply under the GST framework?
The Marginal cost of production of a commodity is
Which of the following is not a primary function of the Reserve Bank of India (RBI).
In which year was the Fiscal Responsibility and Budget Management (FRBM) Act enacted?
The production function of a firm is a relationship between which two factors?
What does 'VAT' stand for in the context of taxation?
Farming large areas with minimal labor and capital inputs is known as:
