Profit & Loss account is prepared for a period of one year by following
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Profit & Loss account is prepared for a period of one year by following
Periodicity concept
Business entity concept
Accrual concept
None of the above
Answer : A
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1) Gross profit is equal to
Opening stock + purchases - closing stock
Net profit - expenses
Sales - Closing stock + purchases
Sales - Cost of goods sold
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2) Drawing is a type of
3) Which of the following is not a transaction?
Goods are purchased on cash basis for Rs.1000
Salaries are paid for the month of May 2010
Land is purchased for Rs. 10 lacs
An employee dismissed from the job
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4) The assumption underlying the fixed installment method of depreciation is that of ____ of the asset over its useful life
5) The parties to joint venture are called
