Final Accounts ...

The loss on the sale of old furniture is debited to ________.

If net profits are Rs. 30,000 and expenses not resulting in the application of fund are Rs. 10,000, then the funds from operation will be ___________.

 Discount is given to debtors to encourage _________.

 Provision for discount on debtors is ____________.

Discount given to debtors is known as _____.

Which of the following methods or inventory valuation results in lower valuation of inventory and low income when Inflation is on the rise?

 Provision for discount on debtors is created for_____.

Net profit is calculated in the __________.

Consider the following statements.
I. Incase of the marine insurance, the insurable interest must exist at the time the loss occurs.
II. Incase of fire insurance, insurable interest must exist both at the time of the contract and at the time of loss.
Which of the statements given is/are correct?

The degree to which the returns of the two securities change together, is reflected by _________.