In non - profit organizations excess of assets over liabilities is called
A) Capital block
B) General fund
C) Shareholders fund
D) Capital
Correct Answer:
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Q16: Sale of grass in the case of
Q17: In income & Expenditure accounts, we record
A)Items
Q18: Double entry system was propounded by
A)Chanakya
B)Lee
C)Confucius
D)Luca Pacioli
Q19: Fixed assets purchased on hire purchased on
Q20: Treatment of capital expenditure as revenue expenditure
Q22: Collection of all accounts us called
A)Trial balance
B)Journal
C)Ledger
D)Cash
Q23: Source document for sales returns
A)Debit note
B)Credit note
C)Source
Q24: Petty cash book is prepaid under _
Q25: Special journal is also called
A)Journal proper
B)Subsidiary books
C)Original
Q26: Gross assets - liabilities will be equal
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