Multiple Choice
The balance of trading account is called
A) Balance carried down
B) Net profit
C) Gross profit
D) Suspense account
Correct Answer:
Verified
Correct Answer:
Verified
Q14: Adjusted purchase means<br>A)Purchase<br>B)Purchase + opening stock<br>C)Purchase? closing
Q15: A cashbook which contain only one column
Q16: The main purpose of accounting is to
Q17: An error which violates the fundamentals of
Q18: Imprest system is used in<br>A)Petty cashbook<br>B)Simple cashbook<br>C)Double
Q19: Small payments are entered in<br>A)Simple cashbook<br>B)Petty cash
Q21: Branch stock is always prepared at _
Q22: A suspense account is created when the
Q23: Advertisement is a<br>A)Revenue expense<br>B)Capital expense<br>C)Day today expense<br>D)Deferred
Q24: Journal entries passed to correct the errors