Bases
Techniques
Concepts
Method
Correct answer is C
Accounting concepts and conventions are the basic assumptions that underline the preparation of the periodic financial statements of a business.
Which of the following relates to the essence of partnership? To
Run a charity organization
Pursue a social objective
Form a business for profit
Run a religious objective
Correct answer is C
The purpose of partnership agreement (or partnership contract) is to establish a business enterprise through a legally binding contract between two or more individuals or other legal entities for profitability
In a non-for-profit making organization, the cash book is referred to as
Income and expenditure account
Receipts and payments account
Two column cashbook
Petty cash book
Correct answer is B
"A receipt and payment account is a summarized cash book (cash and bank) for a given period" prepared by Non-profit organizations (also called non-trading concerns) at the end of year.
When the going concern concept is no longer applicable, the fixed assets are recorded at their
Net book value
Realizable value
Gross value
Revalued amount
Correct answer is D
When an asset is sold that has previously been revalued, the revaluation within the carrying value is debited to the Revaluation Reserve. When assets are revalued, every Balance Sheet shall show for a specified period of years, the amount of increase/decrease made in respect of each class of assets.
The process of detecting, tracing and eliminating errors in a computer program is
Reproduction
Debugging
Sorting
Retrieving
Correct answer is B
No explanation has been provided for this answer.