Question
An enterprise follows accrual basis of accounting and
records revenue when it is earned and expenses when incurred. A client makes an advance payment of ₹1,00,000 for goods to be delivered next quarter. How should this transaction be treated in the books?Solution
Since the goods are not yet delivered, the amount cannot be treated as revenue. It’s a liability until the revenue is earned.
Which state in India recorded the highest wool production according to the 2024 Animal Husbandry Report?
The fundamental duties were added in the Indian Constitution on the recommendation of the:
Digital locker and eKYC contribute to the advancement of a paperless work environment and fall within the paperless layer component of which of the foll...
When an object thrown straight upwards gets to the top of its path, its
The Constitution of India borrowed the concept of the Directive Principles of State Policy from the Constitution of
Which company was awarded with the Outstanding PSU of the Year at the AIMA Managing India Awards 2024? Â
__________________ is a process of energy production with the help of respiratory oxygen.
Consider the following information:
Which one of th...
The International Solar Alliance (ISA) was launched in November 2015 at the 21st session of the United Nations Climate Change Conference of the Parties ...
Any Indian Citizen, resident or non-resident, between the age of 60- 65 years can also join NPS and continue upto the age of ___ years in NPS?
