__________ is useful to find out tax liability in case of sales tax, income tax, property tax, etc

(a)

Double entry

(b)

Book keeping

(c)

Economics

(d)

Statistics

Identify the 'Personal account'  from the following:

(a)

Salary Payable Account

(b)

Taxes Paid Account

(c)

Investment Account

(d)

Trademark Account

The trial balance contains the balances of_____

(a)

Only personal accounts

(b)

Only real accounts

(c)

Only nominal accounts

(d)

All accounts

Purchases of fixed assets on credit basis is recorded in_______

(a)

Purchases book

(b)

Sales book

(c)

Purchases returns book

(d)

Journal proper

From the following, which date denotes payable Bill date 2017 March 1, Months -2, Gross day - 3

(a)

May - 3

(b)

May - 4

(c)

May - 1

(d)

May - 5

Which of the following books should be used to record purchase of furniture on credit?

(a)

Purchases book

(b)

Goods account

(c)

Cash book

(d)

Journal proper

When money is withdrawn from bank, the bank _______.

(a)

Credits customer's account

(b)

Debits customer's account

(c)

Debits and credits customer's account

(d)

None of these

The total of purchases book was overcast. Which of the following accounts should be debited in the rectifying journal entry?

(a)

Purchases account

(b)

Suspense account

(c)

Creditor account

(d)

None of the above

Suspense account balance will be shown in the _____________

(a)

Trading account

(b)

Profit and loss account

(c)

Balance sheet

(d)

Final account

A fixed asset was bought for 75,000. Its accumulated depreciation is 71,000 and rate depreciation is 10%. What are the depreciation expenses for the current accounting period using reducing balance method?

(a)

Rs.600

(b)

Rs.2000

(c)

Rs.500

(d)

Rs.400