Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	Income tax paid is a	Business expense Revenue for business Liability of business Personal expense
2	Net loss is always	Equal to gross loss More than gross loss Less than gross loss None of these
3	Wages paid of installing a machine should be debited to	Wages a/c cash a/c Machinery a/c None of these
4	Net profit is always	Equal to gross profit More than gross profit Less than gross profit None of these
5	Interest on drawings is	An asset A liability An expense A revenue

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