Multiple Choice
In sole trader balance sheet asset are arranged in the order of
A) Liquidity
B) Permanence
C) Transferability
D) All the above
Correct Answer:

Verified
Correct Answer:
Verified
Q38: Collection of all accounts us called<br>A)Trial balance<br>B)Journal<br>C)Ledger<br>D)Cash
Q39: Total sales book indicates<br>A)Total credit sales<br>B)Total cash
Q40: Trading account is a _ account<br>A)Personal<br>B)Real<br>C)Nominal<br>D)Expenses
Q41: In income & Expenditure accounts, we record<br>A)Items
Q42: Normally value of closing stock _ in
Q43: Sales return account is a _ account<br>A)Personal<br>B)Nominal<br>C)Real<br>D)Current
Q45: 'Every debit has a corresponding credit' it
Q46: Cash purchase of fixed asset is entered
Q47: Allowance made for prompt payment is called<br>A)Cash
Q48: Rent prepaid is<br>A)Assets<br>B)Liability<br>C)Income<br>D)Expense