6. The process of recording financial data upto trial balance is
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7. Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on the sale is
Capital & transferred to capital reserve
Revenue & transferred to P & L a/c
Capital & transferred to P & L a/c
Revenue & transferred to general reserve
8. Interpretation means
Explanation of meaning and significance of the data in Financial Statements.
Concerned with the preparation and presentation of classified data
Systematic analysis of recorded data
Methodical classification of data given in Financial Statements.
9. A trader purchases goods for Rs. 2500000, of this 70 % of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated.
None of these
10. Which of the following is wrong?
All real and personal accounts are transferred to balance sheet
Nominal accounts are transferred to P & L account
Each account is opened separately in the ledger
Rent is a personal account, outstanding rent is a nominal account
can be used in the preparation of ugc net exams.
can be used to gain a credit score in various undergraduate and post graduate commerce courses like B com and Mcom
.This section can also be used by commerce students for improving their knowledge in Financial accounting
UGC NET PAPER 1
UGC NET Management
UGC NET COMPUTER SCIENCE
UGC NET COMMERCE
GATE COMPUTER SCIENCE
CFA Level 1
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