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Question 1 reset

Complete the following accounting equation:

Assets Rs.110000 - Liabilities Rs. ____ = Capital Rs.80000

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Nominal accounts relate to
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An entry on the left side of a nominal account represents:
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The process of transfer of an entry from the journal to the ledger is called:
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If cash is deposited in the bank, in a three column cash book, it will be recorded on:
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Posting of the correct amount has been made but on the wrong side. This is an error of _____.
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  1. An expenditure which helps in generating revenue for more than one year is called ______ expenditure.
  2. An expenditure which generates the revenue in the same year is called _____ expenditure.
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If closing balance appears on the debit side of an account, it is said to have a _________ :
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The closing stock given in the trial balance is transferred to which of the following accounts:
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Depreciation is the result of
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  1. Bills payable account is ____ account.
  2. Bills receivable account is ____ account.
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Which of the following accounts will definitely shoe debit balance?
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Which of the following can be treated as indirect expenses?
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Which of the following is not part of fixed assets in case of a balance sheet of a company?
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In the sum of digits method for 5 years which of the following is the 1st year’s allocation ratio?

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  • Income for the year = I
  • Outstanding Income for the previous year = Id
  • Outstanding Income of current year = Idi

Then Receipts for the year is:

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  • Opening balance of asset = Oi
  • Closing balance of asset = Oc
  • Depn. = D

Then addition to the asset during the year is:

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What is the Rate of Interest if Rs.2000/-, when invested in Simple Interest, becomes Rs.4000/- in 8 years?
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Expenditure incurred on ‘Research & Development’ is an example of ____
Question 20 reset
Which of the following maxim is applied in the case of Indirect Quotation?

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