Conceptual Framework Of Specialised Accounting — Important Questions
Telangana Open School (TOSS) · Class 12 · Accountancy
48 important questions from Conceptual Framework Of Specialised Accounting for Telangana Open School (TOSS) Class 12 Accountancy, with answers.
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Important Questions from Conceptual Framework Of Specialised Accounting
Which account is prepared in lieu of a cash book in non-trading concerns?
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Receipts and Payments Account
Receipts and Payments Account records all cash receipts and payments, similar to a cash book but for non-trading concerns.
Which of the following is NOT a feature of consignment?
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Goods are sent on approval basis
In consignment, goods are not sent on approval; they are sent for sale. Approval basis is different where buyer can return goods.
What is legacy in non-trading concerns?
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An amount received as per the will of a deceased person
Legacy is a gift received by a non-trading concern as per the will of a deceased person and is capitalized in the balance sheet.
Which of the following is a capital receipt in non-trading concerns?
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Life Membership Fee
Life membership fee is a one-time payment and is treated as a capital receipt, shown in the balance sheet.
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