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Which of the following statement is correct? if Mr. X starts a new business in the name of M/s Independent Trading Company and introduced a capital of Rs1,00,000 in cash.
Correct Answer Is : Cash of Company is Debit and Mr X Account is credit with Rs100,000 As per the Dual concept Which of the following is not true ? Correct Answer Is : Assets + Liabilities = Capital Annual ascertainment and reporting the true and fair financial position of the concern as a whole, under which of the following Correct Answer Is : Accounting Period concept A business unit makes investments in the form of fixed assets. Due to which accounting concept we book only depreciation of the assets in our profit & loss account and not the difference of acquisition cost of assets less net realizable value of the assets. Correct Answer Is : Going Concern Concept Due to which concept we ignore the market value of fixed assest ? Correct Answer Is : Cost Concept What will be the book value of the following items : Shirts Rs5000, :Pants Rs7500, Jackets 1000 pieces & lower 200 pieces Correct Answer Is : Cannot be calculated Which accounting concept specifies the practice of crediting closing stock to trading account ? Correct Answer Is : Matching Concept "If no sales take place, no revenue is considered." Which Concept? Correct Answer Is : Realisation Concept Which Concept is this where Costs are recognized when they are incurred and not when paid? Correct Answer Is : Accrual Concept Due to which concept depreciation is charged on the basis of cost price ? Correct Answer Is : Rupee Value Concept