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Q. If Office Equipment is purchased for cash, what effect will this transaction have on the financial position of the company?

Q. Which of the following statements is/are true? (i) Drawings Account is a Nominal Account (ii) Capital Account is a Real Account (iii) Sales Account is a Nominal Account (iv) Outstanding salaries account is a Nominal Account (v) Patents Account is a Personal Account

Q. Which of the following statements is true with regard to written down value method of depreciation? i. The rate at which the asset is written off reduces year after year ii. The amount of depreciation provided reduces from year to year iii. The rate of depreciation as well as the amount of depreciation reduce year after year iv. The value of the asset gets reduced to zero over a period of time

Q. Which of the following does not include under the head “other asset”

Q. The periodic total of purchase day book is posted to —

Q. Weighted average method of calculating goodwill is used when Sol:

Q. Debt notice prepared by the purchase of goods when ____

Q. Entrance fees, unless otherwise stated, is treated as: Sol:

Q. Loss on sale of machinery should be written off against

Q. Withdrawals by proprietor would