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Question 9

               What are fictitious assets?
               Question 10
               What are the current liabilities?

               Question 11
               Give two examples of current liabilities.

               Question 12
               What are the internal liabilities?

               Question 13
               What is the expense?

               Question 14
               What are the revenue?

               Question 15
               What is income?

               Question 16
               What is a voucher?
               Question 17

               What is a trade discount?
               Question 18

               What is a cash discount?
               Question 19

               What is meant by purchases?
               Question 20

               What is meant by sales?
               Question 21

               Define merchandise.
               Question 22

               Profit is earned on the sale of a fixed asset. What should be the accounting treatment of this
               profit?

               Question 23
               Give two examples of revenue expenditure.


               Higher Order Thinking Skills (HOTS) Questions
               Question 1

               Godrej Ltd. imported from Germany one machinery for sale in India and other machinery for
               production purposes. Will you treat them goods or fixed assets?
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