Multiple Choice
Asset which reduce is value, on use, but are not replaced is called
A) Contingent assets
B) Fictitious assets
C) Intangible assets
D) Wasting assets
Correct Answer:

Verified
Correct Answer:
Verified
Q22: In accounting only _ discount is recorded<br>A)Trade<br>B)Cash<br>C)Real<br>D)None
Q23: Double entry system was propounded by<br>A)Chanakya<br>B)Lee<br>C)Confucius<br>D)Luca Pacioli
Q24: Discount on issue of share is<br>A)Capital loss<br>B)Revenue
Q25: Trial balance will detect<br>A)Errors of commission<br>B)Errors of
Q26: Credit note is sent by<br>A)Seller<br>B)Customer<br>C)Buyer<br>D)Borrower
Q28: Petty cash book is prepaid under _
Q29: Debit note is prepared in connection with<br>A)Sales
Q30: Sale of grass in the case of
Q31: Fixed assets purchased on hire purchased on
Q32: Prepaid expenses are _ account<br>A)Nominal<br>B)Personal<br>C)Personal account without