Exam 23: Accounting Concepts and Practices

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In income & Expenditure accounts, we record

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Normally value of closing stock ________ in the trial balance

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Sales return account is a _______ account

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In sole trader balance sheet asset are arranged in the order of

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'Every debit has a corresponding credit' it is the concept of

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Cash purchase of fixed asset is entered in the

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Allowance made for prompt payment is called

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Rent prepaid is

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