Mohini is a chartered accountant. She examines her clients' books and monitors their work. Which of the following is true?

Mohini produces essential goods.

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Mohini produces non-essential goods.

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Mohini provides a service.

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Mohini manufactures goods.

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Solution

The correct option is C Mohini provides a service.
Service activities are intangible in nature. For example, Mohini offers a service by helping clients with accounting. So, she does not produce or manufacture any tangible goods.

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Debit Balances	Rs	Credit Balances	Rs
Stock-in-hand	1170	Receipts Dining Room	87,660
Purchases	24,660	Subscriptions	9,450
Dining Room	32,370	Billiard's Receipts	7,300
Rent	10,470	Sunday Receipts	410
Wages	18,690	Interest on Fixed Deposit	270
Repairs and Renewals	5,400	Sundry Creditors	5310
Fuel and Light	5,280	Grant from Institute (permanent)	42,000
Misc. Expenses	4,050	Income and Exp. A/c (1.4.07)	1,380
Cash in hand	560	Suspense A/c (See note)	60
Cash at bank	2,760
Fixed Deposit	8,500
Sundry Debtors	2,250
China glass, cutlery and linen	600
Billiard Table	2,070
Fixtures and Fittings	870
Furniture	4,140
Club Premises	30,000
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On March 31,2008 stock of restaurant consisted of Rs 900 and Rs 60 respectively. Provide depreciations Rs 60 on fixtures and fittings, Rs 390 on billiard table and Rs 560 on furniture.

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Mohini is a chartered accountant. She examines her clients' books and monitors their work. Which of the following is true?

The correct option is C Mohini provides a service.Service activities are intangible in nature. For example, Mohini offers a service by helping clients with accounting. So, she does not produce or manufacture any tangible goods.

The correct option is C Mohini provides a service.
Service activities are intangible in nature. For example, Mohini offers a service by helping clients with accounting. So, she does not produce or manufacture any tangible goods.