The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to

✅ A. $2,000

Option A : $2,000 Option B : Zero Option C : $3,000 Option D : $2,500 Correct Answer : $2,000 Read more

✅ B. $500 will be credited

Option A : $500 will be debited Option B : $500 will be credited Option C : Non-adjustable Option D : $1000 will be subtracted Correct Answer : $500 will be credited Read more

✅ C. 7150

Option A : 6441 Option B : 5431 Option C : 7150 Option D : 5876 Correct Answer : 7150 Read more

✅ A. Triplicate

Option A : Triplicate Option B : Duplicate Option C : Single Option D : Quadruplicate Correct Answer : Triplicate Read more

✅ D. Directors remuneration Read More Details about this Mcq

Option A : Loss on sale of undertaking Option B : Debts considered bad and written off Option C : Liability arising from a breach of contract Option D : Directors remuneration Read More Details about this Mcq Correct Answer : Directors remuneration Read more

✅ B. Asset

Option A : Liability Option B : Asset Option C : Expenses Option D : Income Correct Answer : Asset Read more

✅ C. The events after Balance Sheet date but before its approval by the board

Option A : All the significant events after the Balance Sheet date Option B : The events after Balance Sheet date but before submitting it to the Registrar of Companies Option C : The events after Balance Sheet date but before its approval by the board Option D : All changes after Balance Sheet date before its approval Correct Answer… Read more

✅ C. Sales tax paid in connection with the purchase of office equipment

Option A : Interest on loans and debentures Option B : Annual fire insurance premiums on Plant and Equipment Option C : Sales tax paid in connection with the purchase of office equipment Option D : Small expenditures on long- lived assets, such as ` 20 for a paper weight. Correct Answer : Sales tax paid in connection with the… Read more