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Correct answer
D. Financial position as on a particular date
Explanation
Financial position as on a particular date is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Purchases
Explanation
Purchases is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Uncredited checks
Explanation
Uncredited checks is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Legal expenses incurred in defending a suit for breach of contract to supply goods
Explanation
D. Deferred revenue expenditure is a revenue expenditure whose benefit lasts for more than one accounting periods and is therefore written off during the periods over which the benefit lasts(However, AS 26 requires that Deferred revenue expenditure is expenses wholly in the year of incurrence). Legal expenses incurred in defending a suit for breach of contract for supply of goods does not satisfy the prerequisites of a deferred revenue expenditure.
Correct answer
D. All of A. B. and C. above
Explanation
All of A. B. and C. above is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. c, d and f
Explanation
c, d and f is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Debit balance
Explanation
Debit balance is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Increase cash and equity
Explanation
Increase cash and equity is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Advance payments made to suppliers for raw materials
Explanation
Advance payments made to suppliers for raw materials is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Recording two aspects of every transaction
Explanation
Recording two aspects of every transaction is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.