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.
In the question below there are three statements followed by three conclusions I, and II. You have to take the three given statements to be true even i...
Statements:Â Â Â Â Â Â Some cow are bull.
All bull are sheep.
Conclusions:Â Â Â Â Â Â I. All bull are cow.
           ...
Statements:
Only a few Papers are Pencil.
No Pencil is Stapler.
All Staplers are Book.
Conclusions:
I) Some Book are not Pencil.
II) No Pencil is Book.
Three Statements are given followed by four conclusions numbered 1, 2, 3,and 4. Assuming the statements to be true, even if they seem to be at variance...
Statements:
Only a few Apple is Banana.
No Banana is Grapes.
Only a few Grapes is Mango.
All Mango is Papaya.
Conc...
Statements: Some laptop are tablet.
                         Some tablet are computer.
Conclusions: I. All...
Statements : All dens are cattle.
 Some cattle are cows.
No cow is a horse.
Conclusions:I. All dens are not horses.
II. So...
In the following questions below are given some statements followed by some conclusions based on those statements. Taking the given statements to be tr...
Statements-:
Some A are B
No B are C
All C are D
Conclusions :-
I. Some A are not B.
II. No A are C.
...In each group of questions below are two conclusions followed by five set of statements. You have to choose the correct set of statements that logicall...
