Discount allowed is___________?
Discount allowed is___________?
A. Expense of business
B. Income of business
C. Loss of business
D. Abnormal loss of business
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Which of these are not required in a promissory note?
Which of these are not required in a promissory note?A. Acceptance
B. Unconditional promise to pay
C. Properly stamped
D. Payment to be made legal currencyIf credit side of a bank account is greater than the debit side, it indicates which of the following?
If credit side of a bank account is greater than the debit side, it indicates which of the following?A. Bank overdraft
B. Cash at bank
C. Bank balance
D. Current AssetThe unsold goods are ______________?
The unsold goods are ______________?
A. Equity
B. Sale return
C. Inventory
D. PurchasesAssets-Liabilities=____________?
Assets-Liabilities=____________?
A. Cash
B. Equity
C. Net income
D. Net expensesWhich of the following are/is a current asset?
Which of the following are/is a current asset?A. Sundry Debtors
B. Stock
C. Prepaid insurance
D. All of A. B. and C. aboveThe main objective of providing depreciation is to?
The main objective of providing depreciation is to?
A. Calculate the true profit
B. Show the true financial position in the Balance Sheet
C. Provide funds for replacement of fixed assets
D. Both A. and B. aboveThe main objective of providing depreciation is to find out the true Net Profit or Loss for
an accounting period and to present a true and fair view of the state of affairs of the business.
Providing funds for replacement is only an ancillary objective and not the main objective.]