If the date of maturity of a bill is a holiday, then the bill will mature on:
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Solution
If date of maturity of a bill is a holiday, bill will mature preceding working date.
Under straight line method, depreciation is calculated on
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Solution
Dep. is calculated on original cost under SLM.
Which of the following lists the balance and the title of accounts given in the ledger, on a given date?
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Solution
Trial balance gives the list of balances of all accounts (given in ledger).
The purchases Journal records
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Solution
Cash purchase of goods dealt in by firm.
Payment of personal expenses of the owners of the business need to be recorded as:
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Solution
Personal expenses of owners (paid by firm) are called drawings.
All the following statements are objectives of accounting except
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Solution
Accounting does not aim to provide details of personal assets and liabilities of owner. All other three are objectives of accounting
Which of the following is not a transaction?
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Solution
An employee dismissed from job is not a transaction. All other three are transactions.
The information provided in the annual financial statements of an enterprise pertain to:
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Solution
Annual financial statements pertain to individual business entity.
Which of the following items is an asset?
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Solution
Salary is expense, Account payable is liability, sales is revenue, Trade Receivable is an asset.
Transactions between owner and business are recorded as per
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Solution
Transactions between owner and business are recorded as per Entity concept.