Question
Statements: R % B, B & T, T @ E, E % G
Conclusions : I. T $ R II. R @ E III. B @ G In the following questions, the symbols %, $, #, @ and & are used with the following meaning as illustrated below: ‘A%B’ means ‘A is not smaller than B’. ‘A$B’ means ‘A is not greater than B’. ‘A#B’ means ‘A is neither greater than nor equal to B’. ‘A@B’ means ‘A is neither smaller than nor equal to B’. ‘A&B’ means ‘ A is neither greater than nor smaller than B’. Now in each of the following questions assuming the given statements to be true, for conclusions I and II given below them is/are definitely true? Give answer accordingly.Solution
A company purchases machinery for ₹10 lakhs and incurs ₹1 lakh on its installation. The accountant records the total ₹11 lakhs under the fixed ass...
A trader maintains accounts on cash basis and records revenue only when received. Which fundamental accounting assumption is not followed?
Which accounting principle states that revenue should be recognized in the accounting period in which it is earned?
An enterprise follows accrual basis of accounting and records revenue when it is earned and expenses when incurred. A client makes an advance payment of...
The basic accounting equation is:
An enterprise follows accrual basis of accounting and records revenue when it is earned and expenses when incurred. A client makes an advance payment of...