Opening balance of Receipts and Payments accounts in the credit side shows
A) Bank balance at the beginning of the year
B) Bank overdraft at the beginning of the year
C) Capital at the beginning of the year
D) Cash in hand at the beginning of the year
Correct Answer:
Verified
Q2: Income and Expenditure account is
A)Nominal Account
B)Real Account
C)Personal
Q3: Income and expenditure Account shows a balance
Q4: A heavy balance in the Receipts and
Q5: A heavy balance in the Income and
Q6: The main source of income for non
Q8: Goods sent on consignment should be debited
Q9: In the books of consignor the balance
Q10: The consignor is:
A)Principal
B)Agent
C)Debtor
D)None of the above
Q11: Account Sales is submitted by:
A)Consignor
B)Consignee
C)Principal to his
Q12: Joint Venture is of the nature of:
A)Personal
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