Question
Accounts relating to income, revenue, gain expenses, and
losses are termed as:Solution
Accounts relating to income, revenue, expenses, and losses are termed as Nominal Accounts. Nominal accounts are temporary accounts that are used to record the financial performance of a business during a specific accounting period, and their balances are closed at the end of each accounting period to determine the net profit or loss.
A company buys a machine from the US at $50,000 when $1 = ₹70. On balance sheet date, $1 = ₹75. How is this change treated?
Which of the following is an example of capital expenditure?
The Objective of ______ is to ensure that appropriate recognition criteria and measurement bases are applied to provisions and contingent liabilities an...
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What is the maximum cost of the project/unit allowed under PMEGP for 2nd loan in the manufacturing sector (for upgradation)?
As per General Financial Rules, 2017 who has been given full powers to make their own arrangements for procurement of goods and services, that are not a...
Which of the following accounting standards deals with "Net Profit or loss for the period, prior period items and changes in the Accounting Policies"?
Ind AS 7 deals with which of the following:
On dissolution, A’s capital = ₹50,000, B’s capital = ₹30,000. Cash realised = ₹60,000. Creditors = ₹20,000. Loss on realisation is shared eq...
Deduction in respect of royalty income of authors under Chapter VI is allowed under Section:
