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According to going concern, a business is viewed as having a/an:
Very long lilfe
Question 1 Explanation:
Going concern is a basic underlying assumption in accounting. The assumption is that a company or other entity will be able to continue operating for a period of time that is sufficient to carry out its commitments, obligations, objectives, and so on.
The debit balance of a personal account shows the:
Amount of credit sales
Cash in hand
The comparison of net profit with the sales of the same year is:
Two dimensional comparison
Three dimensioinal comparison
The term fixed asset, does not include
Which of the following is not a current liability?
Question 5 Explanation:
Prepaid rent (rent paid in advance) is an asset.
Bank account is a / an _______.
A reserve is a charge against
Profit and loss account
Cash flow statement
Profit and loss appropriation account
The term current asset does not include
Stock in trade
Question 8 Explanation:
Building is a non-current asset.
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