Test Preparation on UGC NET Commerce Test Series-5

Sundry Debtors account is a:

Amortisation is a term related to:

Under the fixed capital method, drawings made by the partner during the year will
be:

Convention of conservatism is applied in the case of:

If a company wants to declare a dividend of 30 % on its paid up capital,
according to Transfer to General Reserves Rule, what is the minimum percent of
profit needs to be transferred to General Reserve a/c?

Wages paid to a worker for installing a machinery is:

Which one of the following is entered on the debit side of Cash Book?

Ria’s capital on 1st January 2012 was Rs. 45,000, Interest on drawings Rs.5,000,
Interest on capital Rs.2000, Drawings Rs. 14,000 and profit for the year
Rs. 15,000. Her capital as on 31-12-2012 is:

Salary paid for the current year amount to Rs. 8,500 and at the end of the year,
outstanding salaries amount to Rs. 300. Salaries paid in advance last year
pertaining to the current year amounted to Rs. 500. Prepaid salaries for the next
year amount to Rs. 250. Total salary to be debited in the P/L a/c during the year
is:

If the amount of any known liability can be determined with substantial accuracy,
then:

Subsequent expenditure that extend the useful life, improve quality of output or
reduce operating cost of an existing asset beyond its originally estimated levels is:

Goodwill of a firm is valued at Rs. 30,000. It is appearing in the books at
Rs.12, 000. C is admitted for ¼ share. What amount he is supposed to bring for
goodwill?