Multiple Choice
Entry representing the reversal or cancellation of an entry on the other side is called?
A) Closing entry
B) Contra entry
C) Bank overdraft
D) Adjusting entry
Correct Answer:
Verified
Correct Answer:
Verified
Q21: Drawings account is the nature of<br>A)Personal Account<br>B)Real
Q22: Cash discount is provided?<br>A)Early payment<br>B)Late payment<br>C)Bulk purchase<br>D)Bulk
Q23: The opening stock is shown in:<br>A)Trading Account<br>B)Profit
Q24: The term "compound entry" means that the
Q25: The balance of petty cash is?<br>A)An asset<br>B)A
Q27: Errors of carry forward from one year
Q28: In India, a company can keep its
Q29: Assets are usually valued under which basis?<br>A)Replacement
Q30: It is generally assumed that the business
Q31: What is the important objective of accounting?<br>A)To