Accounting - Study Mode
[#2851] If some goods from business are given away as charity to a particular person or institution, it should be . . . . . . . .
Correct Answer
(A) debited to charity account
[#2852] Generally, under single entry system:
Correct Answer
(B) only personal, cash and bank accounts are maintained
[#2853] While making an adjustment entry in respect of interest on capital, credit is made to:
Correct Answer
(A) Capital account
[#2854] . . . . . . . . supplies the management significant information in order to assist the management to discharge its various functions such as planning, control and decision making.
Correct Answer
(C) Management account
[#2855] The distinction between capital and revenue is necessary for the preparation of . . . . . . . .
Correct Answer
(B) receipts and payment account