Journals are also referred as_____________?

The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?

A. General Reserve A/c
B. Profit & Loss A/c
C. Asset A/c
D. Capital Reserve A/c

According to AS-10 on disposal of a previously revalued item of fixed asset, the difference between net disposal proceeds and the net book value should be charged or credited to the Profit & Loss Statement except that to the extent that such a loss is related to an increase which was previously recorded as a credit to revaluation reserve and which has not been subsequently reversed or utilized, it may be charged directly to that account. This balance (no longer needeD. being of capital nature should be transferred to Capital Reserve Account.

Bad debts recovered account will be transferred to______________?

A. Debtor‘s Account
B. Profit and Loss Account
C. Provision for Doubtful Debt Account
D. Either (b )or C. above

When Bad debts are recovered the entry is
Cash A/c …………………………………………………… Dr.
To Bad debts recovered A/c
This A/c can either be transferred to P& L A/c or Provisions for Doubtful Debts A/c.

Which is the most important characteristic that all assets of a business have?

A. Long life of assets
B. Value of assets
C. Intangible nature of assets
D. Future economic benefits

A. 1981
B. 1881
C. 1871
D. 2001

A. Acceptance
B. Unconditional promise to pay
C. Properly stamped
D. Payment to be made legal currency

General journal is a book of _______ entries?

A. First
B. Original
C. Secondary
D. Generic