The term 'Trading on Equity' refers to: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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Which of the following is a 'Contingent Asset'?
Correct Answer: Option A
Explanation:
Contingent asset is not recognized but disclosed if probable.
Contingent asset is not recognized but disclosed if probable.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which budget forms the basis of all other budgets?
Correct Answer: Option B
Explanation:
The Sales Budget is typically the starting point (key factor) because production and cash needs depend directly on expected sales volume.
The Sales Budget is typically the starting point (key factor) because production and cash needs depend directly on expected sales volume.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Statement of Affairs resembles a:
Correct Answer: Option C
Explanation:
A Statement of Affairs is a list of assets and liabilities, structured exactly like a Balance Sheet, used to estimate capital.
A Statement of Affairs is a list of assets and liabilities, structured exactly like a Balance Sheet, used to estimate capital.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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