(A) Company Law
(B) Accounting standards
(C) Both A and B
(D) None of these

(A) Sole trader
(B) Partnership
(C) Company
(D) All of the above

(A) Appropriation of profit among partners
(B) Income of the partnership firm
(C) Expense to partnership firm
(D) None of the above

(A) Salary
(B) Drawings
(C) Share of profit
(D) Interest on capital

(A) Credited to capital accounts

(B) Debited to capital accounts

(C) Debited to partners’ current accounts

(D) Credited to partners’ current accounts

(A) The Profit and Loss Account

(B) A Nominal Account

(C) The Capital Account

(D) A Suspense Account

(A) No entries made at all in the general ledger for items paid by petty cash

(B) The same number of entries in the general ledger

(C) Fewer entries made in the general ledger

(D) More entries made in the general ledger

(A) Debit Drawings Account, Credit Purchases Account

(B) Debit Drawings Account: Credit Stock Account

(C) Debit Sales Account: Credit Stock Account

(D) Debit Purchases Account: Credit Drawings Account

(A) Simply deducted from the asset in the Balance Sheet

(B) Transferred to Profit and Loss Account

(C) Transferred to the Asset Account

(D) Transferred to Depreciation Account

(A) Discounts received

(B) Purchases invoices

(C) Payments to suppliers

(D) Trade discounts