Question # 1

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

Carriage paid on purchase of furniture is a

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Revenue expenditure

Capital expenditure

Revenue Loss

Capital loss

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

The person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

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