Tag: basis of accounting system
Questions Related to basis of accounting system
The consignment accounting is made on __________ .
Adjustment of accrued/outstanding income/expenses is not necessary in ______ system of accounting.
The act by members of a trade union, persuading others not to work is called as _________ .
X sends out 100 bags to Y costing Rs 1000 each. 60 bags were sold at 10% above cost price. Sale value will be ______________.
Cash cannot be misappropriated by ___________.
State the reasons whether the following statement is true or false:
Accrual concept implies accounting on cash basis.
From the following details calculate net profit on accrual basis.
| Particulars | Rs. |
|---|---|
| Goods sold for cash | $5,00,000$ |
| Credit sales | $25,000$ |
| Cash purchases | $4,00,000$ |
| Credit purchases | $50,000$ |
| Wages paid | $20,000$ |
| Outstanding expenses | $10,000$ |
| Rent paid | $5,000$ |
| Rent outstanding | $2,000$ |
| Depreciation on building | $10,000$ |
| Loss on sales of fixed assets | $1,000$ |
In accrual basis or mercantile basis of accounting, the financial effect of the transaction is recorded in the books ___________.
In cash system of accounting, entries are recorded ____________.
Which of the following has no relevance whether the receipts pertain to previous period or future period?