1/6 profit on sales means ________ on cost
A) 1/6
B) 1/5
C) ¼
D) 1/3
Correct Answer:
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Q35: Goods sold on credit will be entered
Q36: Cash purchase of fixed asset is entered
Q37: Normally value of closing stock _ in
Q38: Cost of goods sold plus selling expenses
Q39: Trading account is a _ account
A)Personal
B)Real
C)Nominal
D)Expenses
Q41: In sole trader balance sheet asset are
Q42: _ is an expenditure which does not
Q43: Asset which reduce is value, on use,
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
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