Asset which reduce is value, on use, but are not replaced is called
A) Contingent assets
B) Fictitious assets
C) Intangible assets
D) Wasting assets
Correct Answer:
Verified
Q38: Cost of goods sold plus selling expenses
Q39: Trading account is a _ account
A)Personal
B)Real
C)Nominal
D)Expenses
Q40: 1/6 profit on sales means _ on
Q41: In sole trader balance sheet asset are
Q42: _ is an expenditure which does not
Q44: Unearned income is a
A)Liability
B)Asset
C)Expense
D)Income
Q45: Prepaid expenses are _ account
A)Nominal
B)Personal
C)Personal account without
Q46: Unexpired expenses is a _
A)Liability
B)Asset
C)Income
D)Expenditure
Q47: Transactions of a general nature which occur
Q48: Income and expenditure account is the _
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