Exam 23: Accounting Concepts and Practices

Source document for sales returns

Unexpired expenses is a _______

An expenditure incurred to derive long term advantage is

Cash discount is allowed by

Unearned income is a

Income and expenditure account is the ______ account of a non trading concern

Purchase ledger contains the accounts of

Treatment of capital expenditure as revenue expenditure is

Special journal is also called

Transactions of a general nature which occur frequently are first recorded in the

Income received in advance by a business units is

Goods sold on credit will be entered in the

Debit balance of all personal accounts are collectively called

1/6 profit on sales means ________ on cost

Closing stock given in the trial balance will be taken to

In non - profit organizations excess of assets over liabilities is called

Accounting records transactions in term of

Machinery purchased on account is recorded in

Sales ledger contains accounts of

Cost of goods sold plus selling expenses equals