Question # 1

Which of these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

Favourable bank balances means

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Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Important types of ledger are

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General ledger

Proprietor ledger

Creditors ledger

General ledger & creditor ledger bot

Which of theses assets is an intangible asset

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Building

Cash

Furniture

Good will

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

The purchase of machinery on account would:

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Increase one asset and decrease another asset

Increase an asset and decrease liability

Increase an asset and increase capital

Increase an asset and increase a liability

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

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