Question
A company fails to accrue wages for March that will be
paid in April. The company’s year-end balance sheet liabilities:Solution
Accrued expenses are incurred but not yet paid or recorded. It should have been included in the liabilities side of the balance sheet in the accrued month and as outstanding expenses in profit and loss statement. Without this entry, net income and owners’ equity are overstated, while liabilities are understated.
Original cost = 12,60,000; Salvage value = Nil; Useful life = 6 years. Depreciation for the first year under sum of years digits method will be:
Which of the following statements most accurately encapsulates the concept of Human Resource Development (HRD)?
For a company, Bank Overdrafts and Outstanding Expenses will be termed as
As per loan review framework of RBI, loan review of high value accounts are usually carried out __________
Which of the following financial products can be traded in Gift City's exchanges?
1)Â Â Â Currency derivatives
2)Â Â Â Agricultural...
Which department or role is typically responsible for maintaining bin card?
Which of the following is true regarding insurance in India?
1)Â Â Â The Insurance Act, 1938 regulates the insurance sector in India.
According to Union Budget 2023-24, consider the following statements regarding indirect taxation changes made for green mobility:
1. Exemption of...
Which of the following statements regarding the classification of financial markets is/are correct?
  1. Debt markets are primarily concerned ...
As per the recently published discussion paper on Introduction of Expected Credit Loss Framework for Provisioning by Banks, on the basis of credit risk ...
