Ouestion 16 Not yet answered Select one Marked out of 1.00 O a Expenses incurred

Question

Ouestion 16 Not yet answered Select one Marked out of 1.00 O a Expenses incurred by a business entity in the accounting preriod in which O b. Financial statements of one netity must be consistent with other entities O c. Financial statement are prepared on the assumption that a business entity O d. Financial accounting is based on the premise that the transactions and the revenue is earned within the same line of business will continue to operate in the foreseeable future balances of a business entity are to be accounted for separately from its owners

Explanation / Answer

Answer to 7 is C

This assumption tells that the company will continue its business for forseeable period unless there is legal obligation to shut it down.

other potion provided is related to other concepts.

Answer to 2 is A

Carriage outward is selling expenses and will be deducted from gross profit.

Particulars Amt Sales (A) 60000 Opening Inventory 8000 Add: Purchase 40000 Add: inward carriage 2000 Less: closing stock 7000 Cost of goods sold (B) 43000 Gross Profit (A-B) 17000

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.