Match the following List-I List-II a. . . . . . . . . . concept is related to recognition of income. 1. Rent b. Trading account and profit and loss account are . . . . . . . . statements. 2. Realisation c. . . . . . . . . is a tangible fixed assets. 3. Periodic d. Outstanding rent will be debited to . . . . . . . . account. 4. Land

a-2, b-3, c-4, d-1
a-4, b-3, c-2, d-1
a-2, b-1, c-4, d-3
a-2, b-4, c-1, d-3

The correct answer is: C. a-2, b-1, c-4, d-3

Here is a brief explanation of each option:

  • a. The realisation concept is related to recognition of income. This means that income is recognised when it is realised, which is when it is earned and realised in cash or cash equivalents.
  • b. Trading account and profit and loss account are periodic statements. This means that they are prepared for a specific period of time, such as a month, quarter, or year.
  • c. Land is a tangible fixed asset. This means that it is a physical asset that has a long life and is used in the production of goods or services.
  • d. Outstanding rent will be debited to the rent receivable account. This is because the rent is an asset that the company has the right to receive.

I hope this explanation is helpful! Let me know if you have any other questions.