If debit side of income and expenditure account is greater it is termed as

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Question:
If debit side of income and expenditure account is greater it is termed as

1.Excess of income over expenditure

2.Net income

3.Surplus balance

4.Deficit balance

Posted Date:-2022-01-03 14:11:30

More MCQS Questions and answers

  1. If debit side of receipt and payment account exceeds credit it represents __________
  2. Lighting expenses should be divided among the different departments on the basis of _________
  3. Loss of usefulness occasioned by improved production methods is known as_______
  4. Power expenses should be divided among the different departments on the basis of _____
  5. The balance in the asset account will not be reduced to zero under this method _____
  6. The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______
  7. Under depreciation fund method depreciation is charged to ______
  8. An advance receipt of subscription from a member of the non-profit organization is considered as an __________
  9. Carriage inward expenses should be divided among the different departments on the basis of ___________
  10. Deficit balance can be shown in balance sheet as
  11. Depreciation applies to________
  12. Depreciation arises because of_____
  13. Depreciation fund is also called ______
  14. Depreciation is a process of _________
  15. Depreciation is charged on the_________
  16. Depreciation is charged on_________
  17. Diminishing balance method is also called _________
  18. ESI PF payable by employer should be divided among the different departments on the basis of ________
  19. Estimated sale value of the asset at the end of its economic life is known as _____
  20. Expenses which can be directly identified with or incurred for particular department are called __________
  21. Expenses which cannot be identified with a particular department are called_______
  22. Factory manger s salary should be divided among the different departments on the basis of _____________
  23. Fire insurance and repairs on assets should be divided among the different departments on the basis of _________
  24. If debit side of income and expenditure account is greater it is termed as
  25. If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______
  26. Income and expenditure account is based on _________ Accrual accounting
  27. Income tax authorities recognize this method ______
  28. Mines quarries oilfields and forest are example of _______
  29. Provision for depreciation account appears on the _______
  30. Reciept and payment account includes _________
  31. Rent and rates should be divided among the different departments on the basis of ____
  32. Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________
  33. Selling expenses should be divided among the different department on the basis of _______
  34. The amount of depreciation charged on machinery will be debited to_____
  35. The asset account appears in the books at original cost when a ______
  36. The control of non-trading concern rest in the hand of
  37. The difference between the book value at the beginning and at the end (revaluation amount) is __________
  38. The main objective of providing depreciation is _______
  39. The main source of income for non-trading concern is _________
  40. The receipts and payments account of a non-profit organization is a __________
  41. Under annuity method the amount of depreciation is found out from _____
  42. Under depreciation fund method the amount of depreciation is calculated with reference to ________
  43. Under the diminishing balance method depreciation is calculated on____
  44. Under the straight line method of charging depreciation depreciation ____
  45. Under which method of depreciation the earlier year of the life of the asset profits are more _____
  46. Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________
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