LIFO stands for__________?

✅ D. Cash Book is a subsidiary book as well as a ledger

Option A : A sale of an asset is recorded in the Sales Book Option B : Total of Return Outward Book is debited to Return Outward Account Option C : The balance of Petty Cash Book is a liability Option D : Cash Book is a subsidiary book as well as a ledger Correct Answer : Cash Book is… Read more

✅ A. Credit balance

Option A : Credit balance Option B : Debit balance Option C : Bank overdraft Option D : Adjusted balance Correct Answer : Credit balance Read more

✅ C. Three columns cash book

Option A : Cash book Option B : Two columns cash book Option C : Three columns cash book Option D : Petty cash book Correct Answer : Three columns cash book Read more

✅ B. Putting the new asset in working condition

Option A : Expenses for day to day running of the business Option B : Putting the new asset in working condition Option C : Depreciation Option D : Purchase of raw material Correct Answer : Putting the new asset in working condition Read more

✅ B. T

Option A : I Option B : T Option C : H Option D : None Correct Answer : T Read more

✅ E. All of these

Option A : Income received in advance Option B : Stock Option C : Debtors Option D : Pre-paid expenses and Accrued income Correct Answer : All of these Read more

✅ A. Postage stamps

Option A : Postage stamps Option B : B/R Option C : Cheque Deposited with Bank Option D : B/R endorsed Correct Answer : Postage stamps Read more

✅ B. Balance Sheet

Option A : Income Statement Option B : Balance Sheet Option C : Cash Flow Statement Option D : Retained Earning Statement Correct Answer : Balance Sheet Read more