On 28th March, 2019 stock worth Rs. 10,000 was lost by fire. The insurance company admitted full claim. On 31st March. 2019 while preparing Final Accounts, it will be shown
A. Only in Trading Account
B. Only in Profit and Loss Account
C. Both in Trading and Profit and Loss Account
D. Both in Trading Account and Balance Sheet
Answer: Option D
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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