21. Which of the following convention says that “Once an entity follows a particular method of accounting it should use the same method for all subsequent transactions and events of the same nature”.
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22. Interest earned in bank final statement is explained through ——-
23. How would you treat the purchase of software that will be used for more than 12 months should be regarded as:
A revenue expenditure
A capital expenditure
A long term expense
A capital receipt
24. Which of the following is a double entry for depreciation expenses?
Accumulated depreciation debit and depreciation expenses Credit
Depreciation expenses Debit and provision for depreciation Credit
Cash Debit and depreciation expenses Credit
Depreciation expenses Debit and cash Credit
25. Which among the following represents the balance in the Capital account of the business?
The amount of cash introduced by the owner at the commencement of business
Total liabilities of the business
The total of all assets of the business
Total assets of the business minus its external liabilities
UGC NET PAPER 1
UGC NET Management
UGC NET COMPUTER SCIENCE
UGC NET COMMERCE
GATE COMPUTER SCIENCE
CFA Level 1
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