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Depreciation helps in determining ?
The Accurate level of profit of the concern
The Accurate level of profit of the concern
See lessUnder which depreciation method does the amount of depreciation expenses remains the same throughout the useful life of a fixed asset?
Under the Straight-line method
Under the Straight-line method
See lessName the types of trial balance?
There are three types of trial balance: the unadjusted trial balance, the adjusted trial balance, and the post-closing trial balance.
There are three types of trial balance: the unadjusted trial balance, the adjusted trial balance, and the post-closing trial balance.
See lessWhat is a personal account?
Ledger accounts that contain transactions related to individuals or other organizations with whom your business has direct transactions are known as personal accounts.
Ledger accounts that contain transactions related to individuals or other organizations with whom your business has direct transactions are known as personal accounts.
See lessWhat is real account?
Real accounts are accounts that represent tangible assets, such as property, plant, and equipment, and intangible assets, like goodwill.
Real accounts are accounts that represent tangible assets, such as property, plant, and equipment, and intangible assets, like goodwill.
See lessHow many methods are there for preparing a trial balance?
There are four methods for preparing a trial balance
There are four methods for preparing a trial balance
See lessWhat kind of accuracy is tested by trial balance?
Arithmetic accuracy is tested by trial balance
Arithmetic accuracy is tested by trial balance
See lessGive example of errors that will be rectified through a suspense account?
Sales return book undercast by Rs. 10,000
Sales return book undercast by Rs. 10,000
See lessWhat is prepared on the basis of trial balance?
Final accounts is prepared on the basis of trial balance
Final accounts is prepared on the basis of trial balance
See lessIf the trial balance agrees, it implies that ?
There may be two-sided errors in the book
There may be two-sided errors in the book
See less