Question
A s per which concept, total Notional profit should not
be transferred to Profit and Loss Accounts but the portion of it should be kept in reserve to meet any unforeseen future expenses or contingencies?Solution
Portion of Notional profits or Estimated Profits transferred to Profit and Loss Account: - depends on the stage of completion of the contract ie. Ratio of (Work Certified / Total Contract Work) Concept of Prudence requires that the total Notional profit should not be transferred to Profit and Loss Accounts but the portion of it should be kept in reserve to meet any unforeseen future expenses or contingencies.
Which of the following agencies recently has been taken under the ambit of Integrated Ombudsman SchemeÂ
What is the maximum amount of deposits that can be accepted by Payment Banks?
Which of the following measures the time decay on option premium?
Which type of borrower is typically associated with Self-Help Groups (SHGs) in priority sector lending?
How much Viability Gap Funding can the Central Government provide for infrastructure projects under PPP?
The process in which certain types of assets are pooled so that they can be repackaged into interest-bearing securities is called:
The price of the Sovereign Gold Bond is fixed in Indian rupees is based on simple average of closing price of 999 purity gold of how many days?
Who was appointed as a first Chairman of Insolvency and Bankruptcy Board of India?
Observing changes in financial variables across the years is :
What is the Complaint redressal system of SEBI called
Relevant for Exams:
