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Any activity undertaken for the purpose of earning profit is called:
Duties
Dealing
Business
Performance
At the time of drawing a bill the drawer credits:
bill receivable account
Debtors account
Suppliers account
Creditors account
A Journal is generally kept on:
Vertical basis
A columnar basis
A single line basis
A row basis
When is a drawee is declared insolvent which account is to be debited in the books of drawer
None of these
Bad Debts a/c
Solvency a/c
Deficiency a/c
Subsidiary books are called the book of:
Basic entry
Original entry
Secondary entry
Temporary entry
When a bill is discharged the acceptor debits:
Creditors account
Bill receivable account
Cash account
Bill payable account
The concept of conservation will have the effect of:
Under statement of liabilities
Understatement of assets
Overstatement of assets
None of the above
A bill of exchange is a method of payment on
Reserve Basis
Cash Basis
Credit Basis
Accommodation Basis
A bill of exchange is drawn by
Creditor
Endorser
Endorsee
Debtor
The transaction for which non separate book is maintained are recorded in:
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