Which one of the following Entries is correct.
When there is loss of goods by fire and the claim is admitted partially by the Insurance Company?
A. Insurance claim account Dr - Loss due to fire account Dr - To Trading Account
B. Insurance claim account Dr - Profit & loss account Dr - To insurance company
C. Insurance company account Dr - Profit & loss account Dr - To fire loss Account
D. Profit & loss account Dr - Insurance premium account Dr - To Trading Account
E. Insurance claim Account Dr - To Trading Account
Answer: Option A
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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