Income tax is debited to ________________
A) Profit and loss account
B) Cash accounting
C) Drawings accoun
Correct Answer:
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Q56: Sales journal is used for recording
A)Cash sales
B)Credit
Q57: Trading account is a _account
A)Real
B)Nominal
C)Persona
Q58: Closing stock is valued at _
A)Market price
B)Cost
Q59: Balance sheet is an _
A)Statement
B)Account
C)Bot
Q60: Wages paid on for the erection of
Q62: Goods taken by the proprietor for personal
Q63: Asset that can be converted into cash
Q64: Balance sheet is prepared for a _
A)Period
B)On
Q65: Income received in advance is an _
A)Asset
B)Liability
C)Expense
Q66: If goods are destroyed by fire ,
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