Which of the following statements is not true?
A trial balance is an account having debit and credit sides
Expenses, losses and assets have debit balances
Revenues, gains and liabilities have credit balances
A trial balance is a list of balances extracted from ledger accounts
Correct answer is A
No explanation has been provided for this answer.
Financial accounting information is for
Internal use only
External use only
Business use only
Internal and external use
Correct answer is D
No explanation has been provided for this answer.
Which of the following is not shown in the trial balance?
Opening stock
Closing stock
Discounts allowed
Discounts received
Correct answer is B
No explanation has been provided for this answer.
An example of direct expenses is
Insurance
Carriage inwards
Purchases of raw materials
Royalty
Correct answer is D
No explanation has been provided for this answer.
Factory costs excluding prime cost is
Overhead
Material cost
Fixed cost
Administration cost
Correct answer is A
No explanation has been provided for this answer.