Multiple Choice
Closing stock given in the trial balance will be taken to
A) P&L account only
B) Income and expenditure account only
C) Trading account only
D) Balance sheet only
Correct Answer:
Verified
Correct Answer:
Verified
Q10: Transactions of a general nature which occur
Q11: Income received in advance by a business
Q12: Goods sold on credit will be entered
Q13: Debit balance of all personal accounts are
Q14: 1/6 profit on sales means _ on
Q16: In non - profit organizations excess of
Q17: Accounting records transactions in term of<br>A)Commodity units<br>B)Production
Q18: Machinery purchased on account is recorded in<br>A)Journal<br>B)Ledger<br>C)Purchase
Q19: Sales ledger contains accounts of<br>A)Suppliers<br>B)Customers<br>C)Total sales<br>D)All the
Q20: Cost of goods sold plus selling expenses