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Question 2
None of these
All future profits are taken into account during the current year
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Question 5
Which one of the following is not correct as per the principles of double
entry ?
Mr. A, customer directly deposited Rs.1,500/- into firm's bank account. The
same is -----
Ignored
Debtors
Copyrights
All personal balances are transferred to Trading and Profit & Loss Account at the end of each
financial year, is it true ?
It is false
It is true
No effect is given
None of these
Question 12
Three parties
Four parties
Five parties
Creditor
Debtor
Seller
Payee
Business results
Financial position
Credit side of the trading account and liabilities side of balance sheet
Payment of Rs.35,000/- to Mr. A for goods purchased from him on credit is -----
Capital expenditure
Revenue expenditure
Discharge of liability
Revenue receipt
Bad debts recovered (written off in the same year) are recorded as -----
Bad debts recovered (written off in the same year) are recorded as -----
Single user
Double user
Multiple users
Limited users
Question 21
Goodwill
Stock in trade