Contra-entries are passed only when
A. Double column cash book is prepared
B. Three column cash book is prepared
C. Simple cash book is prepared
D. None of the above
Answer: Option A
Solution(By Examveda Team)
Contra-entries are passed only when Double column cash book is prepared. The reason for making two entries is to comply with the principle of double entry.This Question Belongs to Commerce >> Accounting
Join The Discussion
Comments ( 3 )
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
B
As per NCERT 11th standard books, option A is correct.
As per ICAI CA CPT books, Option B is correct.
If you are writing any central level competitive exam, it is better to follow NCERT Answer
Option b is correct