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Q. The process of balancing of an account involves equalization of both sides of the account. If the debit side of an account exceeds the credit side, the difference is put on the credit side. The said balance is (i) A Debit balance (ii) A Credit balance (iii) An expenditure or an Asset (iv) An Income or a Liability

Q. Shares issued by a company to its employees or directors in consideration of ‘Intellectual Property Rights’ are called :

Q. If the royalty is less than minimum rent , the balance of royalty account at the end of the year has to be transfer to Sol:

Q. Outstanding expenditure is a __________ account.

Q. All items of revenue in nature are shown in: Sol:

Q. Creditors account is prepared to ascertain

Q. Grouping of Accounts means the classification of data from: Sol:

Q. Prepaid rent is a –

Q. Purchase goods from ram this is a

Q. When policy matures on the death of the insured, it is expressed as