Question 1 :
After all closing entries have been posted, the balance of the P & L Account will be ________________.

Question 2 :
If value of final sales is&#160;<span><span>48000 and net realizab levalue is&#160;</span><span>48000 and net realizab levalue is</span></span>35000, then value of sales costs would be ____________.<span><br/></span>

Question 7 :
____________ are those entries which are passed at the end of each accounting period for the purpose of adjusting various nominal and other accounts so that true net profit or loss is indicated in profit and loss account and the balance sheet represents a true and fair view of the financial position of an enterprise.

Question 8 :
More MCQs on Foreign Exchange Management 1. Which of the following is not an example of an international trade draft?<span><br></span>

Question 9 :
The fundamental accounting equation Assets = Capital + Liabilities is the formal expression of __________.

Question 11 :
Ram has assets of Rs. 10,000 and liabilities of Rs. 2,000. his capital would be ________.&#160;

Question 12 :
On 31st Dec. 2006 assets of the business are Rs.3,00,000 and its capital is Rs.1,00,000. Its liabilities on that date will be __________.

Question 13 :
Three months rent of the next financial year is paid in advance, how this transaction effects accounting equation