The question defines a specific fabric structure created by joining two layers of fabric together with foam.
Let's analyze the given options based on the description:
Based on the direct combination of multiple layers (two fabrics and foam), Laminated fabric is the most accurate description.
Professional people like doctors, lawyers, etc., ascertain their profit or loss under
Prepaid Rent A/c is a
“Legal expenses incurred to defend a suit for breach of contract to supply goods” is
Which of the following statements are true?
1. Prepaid rent is a Personal A/c.
2. Interest on Drawings is an income for the business.
3. Accrued income and income due but not received are same.
4. Cost of obtaining licence to carry out business is a capital expenditure.
Match List I with List II.
List I (Accounting Concepts) | List II (Purpose/Applicability) | ||
A. | Going Concern Concept | I. | The same accounting method used by a firm from one period to another |
B. | Consistency | II. | Relate to the relative size or importance of an item or event |
C. | Cost concept | III. | This an inappropriate assumption for a firm undergoing bankruptcy |
D. | Materiality | IV. | The normal basis used to account for assets |