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. Debit means, (a) An increase in asset, (b) An increase in liability, (c) A decrease in asset, (d) An increase in capital, . Credit means, (a) An increase in asset, (b) An increase in liability, (c) A decrease in liability, (d) A decrease in capital, , . Journal is a book of, (a) Original entry, (b) Secondary entry, (c) All cash transactions, (d) All non-cash transactions, , . Ledger is a book of, (a) Original entry, (b) Secondary entry, (c) All cash transactions, (d) All non-cash transactions, . The process of recording a transaction in the journal is called, (a) Posting, (b) Journalising, (c) Tallying, (d) Casting, . LF. (ie. Ledger Folio Column) in the journal is filled at the time of, (a) Journalising, (b) Balancing, (c) Posting, (d) Casting, . The process of transferring the transactions relating to changes in a, particular item at one place in the form of an account is called, (a) Journalising, (b) Balancing, (c) Posting, (d) Casting, _ The words ‘To Balance b/f' or ‘By Balance b/f! are recorded in the, ‘Particular Column’ at the time of posting of..., (a) All compound entries (b) An opening entry, (c) A closing entry (d) An adjusting entry, . Normally, the following accounts are balanced, (a) Personal Accounts and Nominal Accounts, (b) Real Accounts and Nomina! Accounts, (c) Personal Accounts and Real Accounts, (d) None of these
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10. Which of the following is a cash transaction?, (a) Sold goods, (b) Sold goods to Ram, (c) Sold goods to Ram on credit, (d) Sold goods to Ram on account, 11. Which of the following is a credit transaction?, (a) Sold goods, (b) Sold goods for cash, (c) Sold goods to Ram for cash, (d) Sold goods to Ram, 12. Received a first and final dividend of 60 paise in the rupee- from the, Official Receiver of Mr Rajan who owed us @ 1,000, (a) Discount Allowed A/c be debited with = 400, (b) Bad Debts Recovered A/c be debited with % 600, (c) Bad Debt A/c be credited with = 400, (d) Bad Debt A/c be debited with ~ 400, On purchase of a machine, % 100 is paid to workers as wages for installing, , the machine, (a) Wages A/c be debited, (b) Installation charges A/c be debited, (c) Machinery A/c be debited, (d) Workers A/c be debited, 14. Purchase of an asset is, (a) An expense, (c) An Asset, 15. Patent Right is, (a) Personal Account, (b) Real Account, (c) Nominal Account, (d) Expense Account, 46. The following account has a credit balance, (a) Carriage Inward, (b) Carriage Outward, (c) Return Inward, (d) Returns Outward, , 13., , (b) A Loss, (d) None of these, , a ma fel.
