The process of recording transactions in different journals is called_________?
The process of recording transactions in different journals is called_________?
A. Posting
B. Entry making
C. Adjusting
D. Journalizing
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Debit 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=AssetsNegotiable Instrument Act was enacted in_________?
Negotiable Instrument Act was enacted in_________?A. 1981
B. 1881
C. 1871
D. 2001Which of these types of expenditure would not be treated as a Capital Expenditure?
Which of these types of expenditure would not be treated as a Capital Expenditure?
A. Acquisition of an Asset
B. Extension of an Asset
C. Improvement of the existing Asset
D. Maintenance of the AssetBenefits of preparing Bank Reconciliation Statement includes___________?
Benefits of preparing Bank Reconciliation Statement includes___________?
A. It bring out any errors committed in preparation of Cash book / Bank Pass Book
B. Highlights under delay in clearance of cheques deposited but not credited
C. Help know actual bank balance
D. All the threeIf goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then
If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then
A. Net Profit will decrease by 3,140
B. Gross Profit will increase by 3,320
C. Gross Profit will decrease by 3,500
D. Gross Profit will decrease by 3,320Bank reconciliation statement is prepared by____________?
Bank reconciliation statement is prepared by____________?A. Accountant of the business
B. Manager of the business
C. Controller of the bank
D. Accountant of the bank