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Recording of Tr...

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  • Question 1
    1 / -0

    Outstanding salary account is a _______ account.

  • Question 2
    1 / -0

    Which of the following, equations properly represents a derivation of the fundamental accounting equation?
    (a) Assets + Liabilities = Owner Equity
    (b) Asset = Owner Equity
    (c) Cash = Assets
    (d) Assets - Liabilities = Owner Equity

  • Question 3
    1 / -0

    A book containing a chronological record of business transaction & original record is called a _________.

  • Question 4
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    "Debit the receiver credit the giver"is the rule for _____________.

  • Question 5
    1 / -0

    Debit and credit items from the journal are transferred to the respective accounts in the __________.

  • Question 6
    1 / -0

    The word 'Debit' means __________.

  • Question 7
    1 / -0

    Small firms may adopt _________.

  • Question 8
    1 / -0

    The following comments each relate to the recording of journal entries. Which statement is true?

  • Question 9
    1 / -0

    Accounting equation is a _______.

  • Question 10
    1 / -0

    The word 'Credit' means _________.

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