Question
A trader maintains accounts on cash basis and records
revenue only when received. Which fundamental accounting assumption is not followed?Solution
Accrual basis records revenues when earned, not when received.
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Rs. 2,400 is divided among P, Q, and R in the ratio 3:7:5. Find the difference between the amount received by P and Q together and Q and R together.
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If a : b = 4 : 5 and b : c = 6 : 7, find a : c.
"Pawan distributed a sum of money among 'A', 'B', and C' in the ratio of 8:11:15. Sixty percent of A’s share is 288 less than f...
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