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question_answer1) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Long-term provision are provisions against which liability will arise after 12 months of the date of balance sheet or after the period of operating cycle. Reason (R): Provision for tax, provision for expenses is shown under long-term provisions.
question_answer2) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Bills receivable is shown as trade receivable in the balance sheet. Reason (R): Trade receivable includes both debtors and bills receivable.
question_answer3) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Contingent liabilities are shown in the balance sheet under the heading of current liabilities. Reason (R): Contingent liabilities are those liabilities which may or may not arise because they are dependent on a event happening in future.
question_answer4) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Inventories held for the purpose of trade in the ordinary course of business is shown as current asset. Reason (R): Loose tools and stores and spares are shown as inventories in the balance sheet.
question_answer5) Directions: Each of the following questions consists of two statements, one is Assertion (A) and the other is Reason (R). Give answer: Assertion (A): Statement of profit and loss and balance sheet are financial statement showing financial position of a business unit. Reason (R): Statement of profit and loss and balance sheet are prepared at the end of the financial year.
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