Outstanding salary account is
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Solution
Outstanding salry is personal account as it is due to some person.
Rs.5,000 spent to remove a worn out part and replace it with a new one is
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Solution
Expenditure for replacement of a part is revenue expenditure in the given case.
According to the provisions of the Reserve Bank of India, a promissory note cannot be made payable to the
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Solution
A promissory note cannot be made payable to bearer
A bill of exchange when drawn requires
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Solution
A bill of exchange requires acceptance.
The term depletion is used for
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Solution
‘Depletion’ is used for natural resources.
All of the following have debit balance except
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Solution
Wages, Trade receivable, goodwill all have Dr. balance. Bills payable (liability) has Cr balance.
Errors of commission do not permit
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Solution
Errors of commission donot permit trail balance to agree.
Double column cash book records
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Solution
Double column cash book records all cash and bank transactions.
Which of the following is correct?
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Solution
Capital is equal to assets less liabilities.
It is generally assumed that the business will not liquidate in the near foreseeable future because of______________ concept.
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Solution
Going concern concept assumes that the business will continue for long and will not liquidate in near future.