Net profit is transferred to ---- account.

Which type of journal entries are made at the end of each accounting period so that the financial statements better reflect the accrual method of accounting?

Goodwill is classified as which one of the following assets?

Assets minus liabilities equal to ---.

P & L statement is also known as

Income outstanding is ----- to the business.

If closing stock appearing in the trial balance, it will appear in the ------ only.

Income tax paid by a sole proprietor on his business income should be ----.

Interest on capital is -----.

In which of the following items, shall commission Paid by a business in advance during the year be included?

Income Receivable is -----.

Sales are equal to ----.

Sales = cost of goods sold + profit. True or False

Balance sheet is a -----.

Gross Profit is computed using which of the following formula?

Find the odd one out from the following.

In a Balance Sheet, the assets and liabilities are grouped and arranged in a particular order. What is the name used for arranging the Balance Sheet items?

Depreciation is a process of ----.

Reduction in the book value of an asset over a period of time is called -----.

Reserve created for maintaining a stable rate of dividend is termed as ---.

Provision' is a ---- against profit.

In the provision method of depreciation the asset always appears at:

Profit prior to incorporation is an example of:

Process of becoming out of date or obsolete is termed as:

The amount of depreciation charged on machinery will be debited to

Installation charge of machinery is debited to ----- account.

Depletion method of depreciation is used for

Depreciation of a fixed asset is an example of ---.

---- reserve is a reserve which does not appear in balance sheet.

Depreciation is a --- expense.

----- reserve is available for distribution of dividend.

Reserve reserve is created out of ---- profit.

Purpose of provision is to meet a ----.

Profit on sale of fixed asset is a ------ profit.

Capital reserve is created out of ----- profit.

Under diminishing value method, depreciation is calculated on ---.

Decrease in the value of intangible asset is termed as ----.

Depletion method of depreciation is applied on ----- asset.

Depreciation arises due to ----.

Under ------ method, depreciation remains the same from year to year.

Reserve is a --- of profit.

Increase in the value of fixed asset is called ---.

Under --- method, depreciation goes on decreasing from year to year.

Reserve can be classified into ---- reserve and revenue reserve.

Installation charge of machinery is debited to ---.

Depreciation is provided on

Under straight line method, depreciation is calculated on ---.

Profit on sale of machinery is ---.

The amount of depreciation should be accurately estimated and accounted for----.

Under diminishing value method, depreciation is calculated on ---.