The Commerce Education

30/04/2026

29/04/2026

43. A trial balance is made up of a list of debit balances and credit balances.
Which of the following statements is correct?
(a) Every debit balance represents an expense
(b) Assets are represented by debit balances
(c) Liabilities are represented by debit balances
(d) Income is included in the list of debit balances

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25/04/2026

42. The list of chart of accounts (with unique codes) is usually arranged in:
(a) Chronological order
(b) Random order
(c) Order of appearance of accounts in financial statements
(d) Sorted order (higher amounts first)

23/04/2026

41. Which of the following is/are characteristics of a good chart of accounts?
(a) Each account is identified by unique code and heading
(b) The design allows future changes and additions after due approvals
(c) It ensures that all transactions are recorded according to business requirement
(d) All of above

21/04/2026

39. A receivable ledger account at 1 June 2017 had balances of Rs. 32,850 debit.
During the year, sales (net of trade discount) of Rs. 245,000 were made on credit.
Receipts from customers amounted to Rs. 210,200 and cash discounts of Rs. 700 were allowed. Refunds
of Rs. 1,300 were made to customers.

What should be the closing balance at 31 May 2018 of account receivable account?

18/04/2026

37. Following information relates to Sales transaction of Sabir during March 2019
1- Receivables as at 1 March Rs. 35,000
2- Receivables as at 31 March Rs. 42,000
3- Receipts during the period (after allowing discount of Rs. 4,000) Rs. 29,000
What is the amount of credit sales (net) during March?

17/04/2026

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