Basics of Accounting  1).  Festival advance to  employee is ————-. ? Answer  ::   Prepaid expense  2).  Cost incurred on dismantling a…

Accounting Basics  1)  The trial balance is ———–.  Answer  ::   The list of the  balances of all active accounts…

Accounting Basics   1)  Balance Sheet shows ————— of the firm.  Answer  ::   Financial Position  2) Trading, Profit and Loss…

Accounting Basics  1) The golden rule for the Nominal account  is ————–.  Answer  ::   Debit all expense and losses &…

1.Which of the following is a correctstatement ?a) Normally no interest is paid on current deposit accounts,b) Interest is paid…