Following is not an example of external users
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Solution
Management is internal user. All others are external.
If two or more transactions of the same nature are journalized together having either the debit or the credit account common then that journal entry is known as
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Solution
This type of entry is called compound journal entry
All the expenditures and receipts of revenue nature go to
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Solution
All expenses and receipts of revenue nature go to P&L A/c or Trading A/c.
“Business unit” is separate and distinct from the persons who supply capital to it is based on __________
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Solution
As per entity concept, business unit is separate from providers of capital.
When adjusted purchase is shown in the debit column of the trial balance then
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Solution
Closing inventory is shown in trial balance and not opening inventory if adjusted purchase is shown in trial balance.
Inventories should be out of godown in the sequence in which they arrive is based on
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Solution
FIFO is the basis for the sequence mentioned in the question.
Journal Proper records
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Solution
Journal proper records opening entries.
Who is the acceptor of Bills of Exchange?
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Solution
Customers (Debtors) are acceptors of bills of exchange.
Bank overdraft has a
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Solution
Bank overdraft has credit balance (liability).
Consignment account is a
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Solution
Consignment account is nominal.