Accounting Process (CA Foundation Principles of Accounting): Questions 6 - 14 of 68

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Question number: 6

» Accounting Process » Books of Accounts - Fundamental Errors

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What is meant by the term error of commission?

Question number: 7

» Accounting Process » Books of Accounts - Fundamental Errors

Essay Question▾

Describe in Detail

Mention the types of errors that take place during the accounting process?

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Question number: 8

» Accounting Process » Books of Accounts - Capital and Revenue Expenditures

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How will you classify the following expenses?

  1. Inauguration expenses incurred in the opening of a new showroom

  2. Voluntary retirement compensation paid to workers

  3. Foreign travel expenses in connection with purchase of machinery

  4. Lawyer’s fees paid to defend a case relating to the ownership of land

Question number: 9

» Accounting Process » Books of Accounts - Capital and Revenue Receipts

Essay Question▾

Describe in Detail

Differentiate between capital and revenue receipts?

Explanation

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Question number: 10

» Accounting Process » Books of Accounts - Preparation of Trial Balance

Essay Question▾

Describe in Detail

Describe the classification of accounts briefly?

Explanation

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Question number: 11

» Accounting Process » Books of Accounts - Fundamental Errors

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State the steps to rectify the errors if the errors are identified after the preparation of final accounts.

Question number: 12

» Accounting Process » Books of Accounts - Capital and Revenue Expenditures

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What is meant by the term revenue expenditure? Give a suitable example

Question number: 13

» Accounting Process » Books of Accounts - Capital and Revenue Receipts

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Justify your answers after classifying the following into capital and revenue receipts

  1. Owner’s contribution towards capital

  2. Entrance fees received by a club

  3. Subsidy received from government

  4. Sale revenue received by Hyundai from the sale of cars

Question number: 14

» Accounting Process » Books of Accounts - Capital and Revenue Receipts

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What is the meaning of the term Capital Receipt? Give example.

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