Podcast
Questions and Answers
The debit notes issued are used to prepare the ______ return book.
The debit notes issued are used to prepare the ______ return book.
sales
The sale of office furniture should be credited to the ______ and Loss Account.
The sale of office furniture should be credited to the ______ and Loss Account.
Profit
Outstanding salaries for the previous year shall be shown as a ______ in the current year balance sheet.
Outstanding salaries for the previous year shall be shown as a ______ in the current year balance sheet.
liability
When closing inventory is overstated, net income for the accounting period will be ______.
When closing inventory is overstated, net income for the accounting period will be ______.
Goodwill is an ______ asset; therefore, it cannot be valued easily.
Goodwill is an ______ asset; therefore, it cannot be valued easily.
In case of a public holiday, the due date of the bill falls on the next ______ day.
In case of a public holiday, the due date of the bill falls on the next ______ day.
A change in accounting policy may have a ______ effect on the items of financial statements.
A change in accounting policy may have a ______ effect on the items of financial statements.
An extension of railway tracks in the factory area is classified as ______ expenditure.
An extension of railway tracks in the factory area is classified as ______ expenditure.
Payment of wages for building a new office ______
Payment of wages for building a new office ______
Premium received on issue of ______
Premium received on issue of ______
Rings and ______ of an engine were changed to get full efficiency.
Rings and ______ of an engine were changed to get full efficiency.
Legal fees paid to acquire a ______
Legal fees paid to acquire a ______
Sold to M/s.ABC 10 pieces of Chairs @ `5,000/- each less Trade ______.
Sold to M/s.ABC 10 pieces of Chairs @ `5,000/- each less Trade ______.
A credit purchase of goods from Mr.X for ` 20,000 was entered as ______.
A credit purchase of goods from Mr.X for ` 20,000 was entered as ______.
Freight paid on a machine 5,600 was posted to the freight Account as ______.
Freight paid on a machine 5,600 was posted to the freight Account as ______.
Bank overdraft as per Pass Book as on 31st March, 2024 was ` ______.
Bank overdraft as per Pass Book as on 31st March, 2024 was ` ______.
Flashcards
Debit notes for sales returns
Debit notes for sales returns
Documents used to record goods returned by customers. They are used to prepare the sales return book.
Sale of office furniture
Sale of office furniture
When office furniture is sold, credit the Profit and Loss Account to reflect the revenue generated from the sale.
Outstanding salaries
Outstanding salaries
Unpaid salaries from the previous year. Showed as liability in the current year's balance sheet.
Overstated closing inventory
Overstated closing inventory
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Fundamental accounting assumption
Fundamental accounting assumption
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Accounting policies
Accounting policies
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Capital expenditure
Capital expenditure
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Revenue expenditure
Revenue expenditure
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Trade Discount
Trade Discount
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Rectification of Errors
Rectification of Errors
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Bank Reconciliation
Bank Reconciliation
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Bank Overdraft
Bank Overdraft
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Sales Book
Sales Book
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Trial Balance
Trial Balance
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Depreciation
Depreciation
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Subsidiary Books
Subsidiary Books
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