19. Carriage inwards and carriage outwards should be recorded on debit side.

Select one:

True or False

21. These accounts will be recorded at debit side if its decrease in value: Income; Capital; Liabilities.

Select one:

True or False

22. Purchase refers to purchase of inventory. Purchases of any other assets, such as van, equipment and building, are never described as purchase.

Select one:

True or False

23. Profit decreases capital.

Select one:

True or False

28. Examples of non current liabilities bank loan, mortgage loan.

Select one:

True or False

31. In accounting record, all non current assets should be recorded based on market price.

Select one:

True or False

34. Sales by cash should never entered in the customers account.

Select one:

True or False

38. Examples of current assets are inventory, account receivables and drawings.

Select one:

True or False

39. Sold goods is uses of cash.

Select one:

True or False