Which of the following statements are false?
A. All liability is a debt for your business
B. Debtors are asset for business
C. The accounting equation shows how much of your assets belong to the owner, and how much belong to people outside business
D. None of the above
Answer: Option D
This Question Belongs to Commerce >> Miscellaneous In Commerce
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A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these
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