In which of the following orders data is entered in journal?
In which of the following orders data is entered in journal?
A. Alphabetical order
B. Numeric order
C. Bullets order
D. Chronological order
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Which of the following is not correct about Errors?
Which of the following is not correct about Errors?
A. Errors which affect one account can be errors of posting
B. Errors of omission arise when any transaction is left to be recorded
C. Errors of carry forward from one year to another year affect both Personal and Real A/c
D. Errors of commission arise when any transaction is recorded in a fundamentally incorrect manner
Error of Commission arises because of wrong recording, wrong casting, wrong carry
forward, wrong posting, wrong balancing etc.Which of the following will be debited if a business purchases goods on credit?
Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. PurchasesRevenue is generally recognized as being earned at that point of time when?
Revenue is generally recognized as being earned at that point of time when?
A. sale is effected
B. cash is received
C. production is completed
D. debts are collectedWhich of the following specialised journals will record “goods returned by the BUSINESS “?
Which of the following specialised journals will record “goods returned by the BUSINESS “?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journalFind out the value of assets if: Liabilities=$5000 and Capital=$1000
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
A. $4000
B. $6000
C. $7000
D. $3000Capital of a business decreases if there is an increase in___________?
Capital of a business decreases if there is an increase in___________?
A. Drawings
B. Income
C. Gains
D. Fresh capital