Closing stock given in the trial balance will be taken to
A) P&L account only
B) Income and expenditure account only
C) Trading account only
D) Balance sheet only
Correct Answer:
Verified
Q10: Trial balance will detect
A)Errors of commission
B)Errors of
Q11: Machinery purchased on account is recorded in
A)Journal
B)Ledger
C)Purchase
Q12: The error disclosed by Trial Balance is
A)Wrong
Q13: Cash discount is allowed by
A)Wholesaler
B)Debtor
C)Creditor
D)Retailer
Q14: Rent prepaid is
A)Assets
B)Liability
C)Income
D)Expense
Q16: Sale of grass in the case of
Q17: In income & Expenditure accounts, we record
A)Items
Q18: Double entry system was propounded by
A)Chanakya
B)Lee
C)Confucius
D)Luca Pacioli
Q19: Fixed assets purchased on hire purchased on
Q20: Treatment of capital expenditure as revenue expenditure
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