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Total of Sales Book will be posted:
a) In Debit side of Sales Account
b) In Credit side of Purchases Account
c) In Credit side of Sales Account
d) In Debit side of Sales return account |
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Purchase of fixed assets on credit basis is recorded in:
a) Purchase Book
b) Cash Book
c) Journal Proper
d) Journal |
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A bill receivable of Rs. 2,500 which was received from a debtor in full settlement for a claim of Rs. 2,750 is dishonoured. In which book of original entry, will you record the transaction
a) Purchase return book
b) Bill receivable book
c) Purchase Book
d) Journal Proper |
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Purchase Book is used to record: a) All purchases of goods b) All sales of goods c) All credit purchases of goods d) All accounts maintained |
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A note sent by buyer on return of goods is: a) Debit Note b) Credit Note c) Income Note d) Ledger Note |
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The total of the Purchase Day Book is posted periodically to (a) Debit of purchases A/c (b) Credit of purchases A/c (c) Debit of sales A/c (d) Credit of sales A/c |
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Trade discounts are:
a) Recorded in the books
b) Not recorded in the books
c) Not used for determining the net price
d) Used for specific purposes in accounting |
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Total of the Purchase Return Book is posted to the ______ side of Purchase Return Account.
(a) debit (b) credit (c) both credit as well as debit (d) none |
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Which of the following is not a subsidiary book? (a) Sales Day Book (b) Purchases Day Book (c) Cash Book (d) Returns Inwards Day Book |
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How do you change fiscal year in Asset Accounting? |
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What are evaluation groups? |
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Purchase of furniture on credit should be recorded in _________
a) Purchase Book
b) Sales Book
c) Cash Book
d) Journal |
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Debit note issued are used to prepare _______
a) Sales Return Book
b) Purchase Return Book
c) Journal Proper
d) Purchase Book |
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The source document or voucher used for recording entries in sales book is:
a) Invoice received
b) Invoice sent out
c) Credit notes sent out
d) Debit notes received |
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The balance of Sales Day Book is Rs. 25,000. Rs. 5,000 were recovered from debtors. Then balance of Day Book will be transferred by which amount?
a) Rs. 25,000
b) Rs. 5,000
c) Rs. 20,000
d) Rs. 10,000 |
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What are group assets? |
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