In case of a sole trading business, which of the following statements is correct:
A. Income tax is debited to Profit and Loss Account
B. While preparing Final Accounts, if goods are in- transit, but their invoice is received, proper entry should be made in books of account
C. While preparing Final Accounts, if goods are received, but their invoice is not received, no entry should be made in books of account
D. None of the above
Answer: Option B
A. Commerce
B. Industry and commerce
C. Trade and commerce
D. Selling and buying of goods
Which of the following is not an economic activity?
A. A doctor practicing
B. A lawyer practicing law
C. A professional cricketer playing cricket
D. A student playing cricket
Which of the following is an extractive industry?
A. Cattle breeding
B. Forest cultivation
C. Hunting
D. Flour mills
Which of the following is not a manufacturing industry?
A. Iron and steel works
B. Flour Mills
C. Fruit canning
D. Mining
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