In profit and loss account, if credit is more than the debit, the difference is
A) net profit
B) net loss
C) gross profit
D) gross loss
Correct Answer:
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Q6: Interest earned is a
A)personal account
B)real account
C)nominal account
D)representative
Q7: Commission paid is a
A)personal account
B)real account
C)nominal account
D)representative
Q8: Trading account is a
A)personal account
B)real account
C)nominal account
D)representative
Q9: Profit and loss account is a
A)personal account
B)real
Q10: All revenue incomes are credited to
A)manufacturing account
B)trading
Q12: The process of recording financial data upto
Q13: In income measurement & recognisation of assets
Q14: Interpretation means
A)explanation of meaning and significance of
Q15: Which of the following is wrong?
A)all real
Q16: _ is root cause for financial accounting
A)stewardship
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