ACCOUNTANCY

In which year did the Partnership Act passed ?

• 1932

• 1956

• 1947

• 1952

Business is said to be in a profit when

• Expenditure exceeds income

• Income exceeds expenditure

• Income exceeds liability

• Assets exceed expenditure

Brief explanation of an entry is called as

• Folio

• Narration

• Posting

• Journalising

A ________ is an Intangible Assets.

• Goodwill

• Cash

• Furniture

• Stock

Credit balance of Trading Account indicates _______.

Debit balance of Profit & Loss Account means ________.

The income which is due but not yet received is called ______ income

General Reserve is recorded in ________ side of ______ .

• Liability, Balance Sheet

• Assets , Balance Sheet

• Debit , Trading Account

• Credit, Trading Account

Assets = Liability + ________

• Capital

• Bank Overdraft

• Bank Loan

• Creditors

Land & Building Account is _________ Account

• Personal

• Real

• Nominal

• Assets