Accounting for Managers

461. Errors which affect one side of an account are called ______________

1. single sided errors
2. double sided errors
3. triple sided errors
4. a. compensation error

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462. Bills payable book is a ______________.

1. subsidiary book
2. principal book
3. ledger
4. memorandum book

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463. Trading account is prepared to find out ______________

1. gross profit or loss
2. net profit or loss
3. financial position
4. position of the partners

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464. A bill of exchange payable after a certain period is known as ______________ bill.

1. Time
2. accommodation
3. revenue
4. Dishonored

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465. A bill which is not an inland bill is a ______________ bill.

1. Outwar
2. inwar
3. Foreig
4. Ne

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466. Donations received for a special purpose will be taken to ______________

1. income and expenditure account.
2. asset side of the balance sheet.
3. liabilities side of the balance sheet.
4. debit side of the ledger.

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467. Which one of the following is Current Asset ______________

1. Buildi
2. Furnitu
3. Sto
4. Investme

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468. Accounts receivable includes ______________

1. sundry debtors
2. bill receivable
3. promissory note
4. all of the above

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469. While discounting the bill, debit should be given to ______________

1. bank account
2. bill receivable account
3. acceptors account
4. cash account

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470. Account current is a journal:

1. True
2. False
3. Partly true
4. Partly false

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