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.
OUTLANDISH
Identify the highlighted part of speech, choose the correct answer
The student procrastinated too long and failed to finish the project
...From the options given below, select the option which states the correct combination of correct sentences.
- The fact is...
Most children remain ______ school between the age of seven and ten.
The satellite is functioning very well (A)/ and in another four days till now, (B)/ it will be placed into their (C)/ specified slot in the Geo-Synchron...
Select the statement that can logically complete the paragraph given below.
That human beings often continue to pour money into bad project...
"An interview after the campaign ends (is the normal) for every candidate and every campaigner in every election," he said.
(As soon after the players arrived) in decorated cars, the ceremony began with traditional African drummers and dancers blowing conch shells.
Select the correctly punctuated sentence from the options below.
As a result of the unrellenting focus (A)/ on the anguished knocks (B)/ at the doors of the highest court, (C)/ the other inadequacies of the system (D)...
