71.
Which one of the following is INCORRECT about closing stock?

72.
What is the next step to Journalizing in accounting cycle?

73.
Outsider's claim against the assets of the business is called

74.
An expenditure whose benefit is finished or enjoyed immediately is called

75.
A company's merchandise, raw materials, finished and unfinished products which have not yet been sold is known as

76.
What is nature of Capital account?

77.
The assets which have a limited useful life are termed as

78.
A decrease in value of a fixed asset due to age, wear and tear is known as

79.
In balance sheet, fixed assets are shown at

80.
The accrual basis of accounting records revenues when they are