Net profit will be _________ for the capital account.
Credited
Added
Both a and b
None of these
Net Loss will be _________ from the Capital account.
Debited
Deducted
_________ is a summary of all ledger accounts
Balance sheet
Trial balance
Capital account
P & L a/c
Expenses paid for management of business is called __________.
Miscellaneous expenses
selling and distribution expenses
office and administration expenses
If Sales Tax collected or 'Sales Tax' is mentioned on the credit side of trial balance, it will be shown on the ______ side of Balance sheet.
Asset
Liability
Both side
Unaffected
________ are charges levied on ships and their cargo when entering or leaving dockes.
Import duty
Dock charges
Excise duty
_________ is paid on goods manufactured and consumed in the country.
Export duty
Octroi
At the time of preparation of trial balance, the valuation of closing stock is ____________
Optional
Compulsory
All of these
Inventories have to be valued and recorded in Trading account enables to find out the __________ of stock by comparing average stock with cost of goods sold.
Rate of turn over
Stock level
Both of these
Bank over draft should be classified as an item of _____________.
Current Liability
Current Asset
Fixed asset