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Basic Accounting Online Test

 
Which of the following expenses will be shown in the Profit and Loss Account?
1.
2.
3.
4.
___ is a residual interest in the assets after deducting liabilities
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2.
3.
4.
The___ accounting system provides a system of checks and b alances
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2.
3.
4.
___ is written in a ledger A/c at the time of its closing to indicate that the balance in that A/c has been carried down to the next period.
1.
2.
3.
4.
___concept tells that to recognize revenue it has to be realized.
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2.
3.
4.
Debt may be of ___ types
1.
2.
3.
4.
Revenue is said to be realized when
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2.
3.
4.
Income from the sale of scrap is usually shown in
1.
2.
3.
4.
Sales to Ram Rs. 450 posted to his account as Rs. 550 would affect
1.
2.
3.
4.
The book value of old furniture was Rs. 1500, It was sold for Rs. 500. The difference is a----
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2.
3.
4.