LIFO stands for__________?
LIFO stands for__________?
A. Lots in , Few out
B. Link input, Format Output
C. Last input, First Output
D. Last in, First Out
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Generally the term fund is used to mean the difference between?
Generally the term fund is used to mean the difference between?
A. Current assets and current liabilities
B. Profit and loss A/C and Balance sheet
C. Current assets and non-current liabilities
D. Current liabilities and non-current liabilitiesCash discount is allowed on _______ repayment of debt.
Cash discount is allowed on _______ repayment of debt.A. Lump sum
B. Prompt
C. Actual
D. None of themBank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?A. Bank charges will be debited in cash book
B. Bank charges will be added to cash book balance
C. Bank charges will be credited in cash book
D. Bank charges need no adjustment in cash bookWhich of the following error is an error of principle
Which of the following error is an error of principle
A. 5,000 received from Sham credited to Ram A/c
B. 5,000 incurred on installation of new plant debited to travelling expenses A/c
C. 500 paid for wages debited to salary A/c
D. 500 being purchase of raw material debited to purchase A/c ` 50Debit balance = Credit balance in a trial balance indicates that:
Debit balance = Credit balance in a trial balance indicates that:
A. No error in recording transactions
B. No error in posting entries to ledger accounts
C. Account balances are correct
D. Mathematically Capital+Liabilities=AssetsNet loss occurs when______________?
Net loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income