Accounting - Study Mode
[#1606] The primary function of the book-keeping is to
Correct Answer
(C) Recording of financial data
[#1607] The main purpose of this . . . . . . . . accounting is to ascertain profit or loss during a specific period, to show financial position of the business.
Correct Answer
(A) financial accounting
[#1608] Given that the value of furniture on 1 st Januray 1993 is Rs. 8,000, furniture purchased during the year is Rs. 4,000, sale of furniture no loss no profit basis is Rs. 2,000, and the furniture is valued at Rs. 7,000 on 31 st December 1993, the depreciation for the year 1993 will be:
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(B) Rs. 3,000
[#1609] The preparation of a Trial balance helps in:
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(C) Locating clerical errors
[#1610] Rebate on bills discounted is . . . . . . . . from interest and discount in the P/L account.
Correct Answer
(B) deducted