Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Kindly identify a pair from the followings which is a mismatch with respect to Company Accounts :::?

(a)Miscellaneous Expenditure – Preliminary Expenses

(b)Contingent Liabilities – footnote to balance sheet

(c)Debentures – Unsecured Loans

(d)Outstanding Expenses – Current Liabilities

user-image
Question added by Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants
Date Posted: 2015/08/20
Ana maria Ramos
by Ana maria Ramos , sales associate , AQUA fashion General trading LLC

D.outstanding expenses-current liabilities

Emad Mohammed said abdalla
by Emad Mohammed said abdalla , ERP & IT Software, operation general manager . , AL DOHA Company

>>>>>>>>>>>>>>>>>>>>  (c)Debentures – Unsecured Loans

Mohammed Asim Nehal
by Mohammed Asim Nehal , M Asim Nehal & Co , Chartered Accountants

Correct answer is c) Debenture - Unsecured Loans , they are fully secured loans

LAURETTA MURRAY
by LAURETTA MURRAY , Showroom Manager , Lingerie Store

D) OUTSTANDING EXPENSES - CURRENT LIABILITIES

Badar Khan
by Badar Khan , Accounts cum administrative assistant , Al Qassimia Drivng Training Centre.Sharjah

the mismatch is part  (b) because contingent liabilities are shown in notes and not in balance sheet

Parmod Singal
by Parmod Singal , Partner , Parmod Singal & Associates

(c)Debentures – Unsecured Loans

 

Asad Ahmed
by Asad Ahmed , Manager Finance & Company Secretary , Connect Communications Pvt. Ltd.

Outstanding Expenses - Current Liabilities  is mismatch

Venkateswarababu Jeganathan
by Venkateswarababu Jeganathan , Senior Accountant , Aseer Time Al Kuwait Restaurant

contingent Liabilities-Foot note to balance sheet

Mohd Nadeem
by Mohd Nadeem , Senior Accountant , Alliance Prime Accounting & Tax Consultancy

(a) is the right answer

Miscellaneous Expenditure – Preliminary Expenses

 

Mohamed Ebrahim
by Mohamed Ebrahim , Director , Ace Associates - Certified Public Accountants – member firm of McMillan Woods Global

a) Miscellaneous expenditure - Preliminary Expenses

More Questions Like This