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Q. Machinery purchased on 1 Oct,2016 for 40,000.This machinery was sold on Dec 2017.Calculate the total depreciation charged on machinery till date if co charges 10% as per WDV method if accounts are closed on 31st March every year.

Q. Trial balance is not a conclusive proof of accuracy due to which errors. I)Error of omission II)Error of Principle III)Error of Commission IV)Compensatory Errors

Q. Which one is false. I)Capital Expenditure is non recurring in nature and shown in P&L account. II)Revenue expenditure is incurred to conduct day to day activities

Q. What are the two statements prepared for summarising the transactions? I)Balance Sheet II)Journal III)P&L IV)Cash Book

Q. Which is correct. I)Dr. the receiver,Cr. the Giver II)Dr. what goes out,Cr. what comes in III)Dr. all Expenses,Cr.All Losses

Q. Where do we show Provision of bad debts in final accounts if given in adjustments? I)Debit side of P&L II)Credit side of P&L III)Deduct from Debtors in Balance Sheet IV)Add to Debtors in Balance Sheet

Q. If closing stock is mentioned in trial balance,Where is it shown in Final Accounts?

Q. Which of the following is not the external user of accounting information?

Q. What is the formula for calculating depreciation in SLM Method?

Q. According to which principle the same accounting methods should be used each year: