Financial Accounting-1st-2016-NMIMS

Financial Accounting-1st-2016-NMIMS
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Q1) Mr Verma is planning to set up a new venture. But his friend suggests that there are certain rules & assumptions which are required to be followed by any entity so as to make the accounting information more consistent and easy to comprehend by different users. Explain any five of those general rules & assumptions with example. (10 marks)
Q2) MR Chanchal sell gold worth Rs 50 Lacs to Mr Sandeep. Mr. Chanchal’s accountant wants to record the same in the books of accounts. Elaborate the stages which he have to follow in order to complete the accounting process. (10 Marks)
Q3) Calculate I. Current asset ratio II. Quick asset ratio III. Working capital turnover ratio (5 Marks)
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