Accounting - Study Mode
[#2451] Which of the following does not involve liquidation of any company?
Correct Answer
(A) internal reconstruction
[#2452] Which account is generally used for rectification of errors?
Correct Answer
(B) Suspense account
[#2453] The balance sheet is a . . . . . . . . of the assets, liabilities and capital of a concern as on particular date.
Correct Answer
(A) Statement
[#2454] If the net sales of the year is Rs. 2,50,000 and the debtors is Rs. 50,000, then the average collection period will be
Correct Answer
(C) 73 day
[#2455] An adjustment entry for prepaid expenses affects
Correct Answer
(A) Assets and Expenses