___________ can be prepared so many times a year
Final a/c
Trial Balance
None of these
Both of these
All liabilities are shown on the ___________ hand side of balance sheet.
Right
Left
All of these
Balance of P & L a/c is transferred to ________ a/c.
P & L Appropriation a/c
Balance sheet
Capital a/c
________ is a summary of all accounting records.
Trading a/c
Profit and loss account
The word ________ mean showing the account of similar nature under a particular reading.
Grouping
Balancing
Posting
Journalizing
Trading a/c shows the ________
Net profit or net loss
Gross profit or gross loss
Surplus or deficit
Tax which is paid to government on import and export of goods is known as _________.
Import & Export duty
customs duty
Both a and b
If the value of closing stock is shown by means of a/c _________.
Journal entry
Rectification entry
Adjusting entry
Bank over draft should be classified as an item of _____________.
Current Liability
Current Asset
Fixed asset
Balance of accounts given on the trial balance are at least ___________ shown in financial statements.
Twice
Thrice
Once
