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 ______.
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Goodwill is an ______ asset; therefore, it cannot be valued easily.
Goodwill is an ______ asset; therefore, it cannot be valued easily.
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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.
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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.
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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.
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Payment of wages for building a new office ______
Payment of wages for building a new office ______
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Premium received on issue of ______
Premium received on issue of ______
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Rings and ______ of an engine were changed to get full efficiency.
Rings and ______ of an engine were changed to get full efficiency.
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Legal fees paid to acquire a ______
Legal fees paid to acquire a ______
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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 ______.
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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 ______.
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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 ______.
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Bank overdraft as per Pass Book as on 31st March, 2024 was ` ______.
Bank overdraft as per Pass Book as on 31st March, 2024 was ` ______.
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