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From business point of view, Interest on capital is considered as
An income
A liability
An expense
A profit
The system of accounting in which accounting entries are made only when cash received or paid is known as
Single system
Cash system
Mercantile system
Accrual system
Patent is an example of
Expense
Assets
Income
Liabilities
Deprecation is
An expense
A loss
A Liability
Both b & c
All those expenses which have not become due but paid in advance are called
Outstanding expenses
Accrued expenses
Payable expenses
Prepaid expenses
Wages paid of installing a machine should be debited to
Wages a/c
cash a/c
Machinery a/c
None of these
The amount becomes due from the customers is called
Allowance
Doubtful debts
Debts
Loan
Bad debts are business
Assets
Liabilities
Expenses
Revenue
The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called
Outstanding system
None of these
Accrual or mercantile system
Cash system
An income which has earned but not received is called
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