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Excess of asset over liability is called


A) creditors
B) profit
C) capital
D) goodwill

E) None of the above
F) A) and B)

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Sold machinery worth Rs 10000 to Ramesh.it is entered in the


A) Sales account
B) Cash account
C) Sales return account
D) Machinery account

E) B) and D)
F) B) and C)

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Single entry system of book keeping system


A) is best system
B) is scientific system
C) is incomplete system
D) is most popular system

E) A) and B)
F) A) and C)

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The business will continue to operate for an indefinitely long period in the future, unless there is a good evidence to the contrary this assumption is related to


A) cost concept
B) dual aspect concept
C) matching concept
D) none of these

E) C) and D)
F) A) and D)

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