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56. Which of the following is not the main objective of accounting?
Systematic recording of transactions
Ascertaining profit or loss
Ascertainment of financial position
Solving tax disputes with tax authorities
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57. An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-. What would be the effect on the total asset and total liabilities in the balance sheet?
Assets increased by Rs.800000 and liabilities decreased by Rs.800000
Assets decreased by Rs.800000 and liabilities increased by Rs.800000
Assets increased by Rs.1000000 and liabilities increased by Rs.800000
Assets increased by Rs.800000 and liabilities increased by Rs.800000
58. The rule debit all expenses and losses and credit all income and gains relates to
Personal account
Real account
Nominal accounts
All
59. Matching concept means
Assets = capital + liabilities
Transactions recorded at accrual concept
Anticipate no profit but recognize all losses
Expenses should be matched with the revenue of the period.
60. Reduction in the book value of an asset over a period of time is called-
Appreciation
Depreciation
Proportion
Depletion
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