Modern system of bookkeeping is

Q14.Modern system of bookkeeping is

(1)Single entry system
(2) Double entry system
(3) British system
(4) None of these

Answer

Double entry system

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Q15.Goodwill is an

(1)Tangible Asset.
(2) Intangible Asset.
(3) Current Asset.
(4) Fictitious Asset.

Answer

Intangible Asset.

Q16.Goods taken by the proprietor for personal use is

(1) Sale.
(2) Drawings.
(3) Purchase.
(4) None of these.

Answer

Drawings.

Q17.Deepti wants to buy a building for her business today. Which of the following is the relevant data for his decision?

(1) Building cost details of 2003
(2) Similar business acquired the required building in 2000 for Rs. 10,00,000
(3) Similar building cost in August, 2005 Rs. 25,00,000
(4) Building cost details of 1998

Answer

Similar business acquired the required building in 2000 for Rs. 10,00,000

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