Question
From the below mentioned activities, which will NOT
result in decrease in cash in hand of the firm? i. Fixed assets increased ii. Increase account receivable iii. Increase notes payable iv Advance payment for electricity billSolution
Impact of the following activities on cash in hand- Increase in fixed assets – decrease in cash as cash will be used for buying fixed assets Increase account receivable – Account receivable means, cash to be received in future, increase in it will decrease the present cash in hand Increase notes payable – Increase in cash Advance payment for any expense – reduce the cash in hand
If an ad-hoc credit limit sanctioned by a bank is not reviewed and the account shows no activity, when does it become an NPA?
The Companies Act 2013, contains ________.
Any casual vacancy in the office of an auditor shall in the case of a company whose accounts are subject to audit by an auditor appointed by the Comptro...
A company transfers semi-finished goods from Process 1 to Process 2. Normal loss in Process 1 is 10%. If 10,000 units are input and 8,800 units are tran...
Which of the following is NOT a component of an accounting system?
Consider the following journal entry:
In what circums...
For each registration, a separate GST Registration No (i.e., GSTIN) of ______ digits is allotted.
What is the maximum deduction allowed under Section 80U of the Income Tax Act, 1961, for an individual with a normal disability?
Under the equity method of accounting for associates (AS 23), the investment is initially recorded at cost and subsequently adjusted for:
Under SA 240, the auditor’s responsibility relates to identifying and assessing risks of material misstatement due to fraud. If a whistleblower inform...
