Which of the following is not an example of a fictitious asset?
Raw materials stock
Debit balance of profit and loss account
Preliminary expenses of a limited company
Expenditure on incorporation carried forward
Correct answer is A
No explanation has been provided for this answer.
Which of the following has a debit balance at the end of the year?
Rates prepaid account
Bank loan account
Income received in advance account
Ordinary share capital account
Correct answer is A
No explanation has been provided for this answer.
The amount by which assets exceed specific liabilities is called
Reserve
Provision
Premium
Bonus
Correct answer is A
No explanation has been provided for this answer.
The income accruing to debenture holders is called
Dividend
Net profit
Shares
Interest
Correct answer is D
No explanation has been provided for this answer.
Which of the following belongs to the sales ledger?
Motor Van Disposal account
Bank Account
Debtors Account
Rent and Rates Account
Correct answer is C
No explanation has been provided for this answer.