Closing entries are made— i. To close nominal accounts ii. To close real accounts iii.To close drawings account Which is correct?

1.Depreciation is charged on which of the following assets?

2.What is the total cost of the machine?

3.Which factors are considered in calculating depreciation? i. Purchase price ii. Effective useful life iii. Residual value Which is correct?

4.What is the total sales amount?

5.Opening Inventory + Net Purchases + Direct Purchase Expenses – Closing Inventory = ?

6.Which of the following are operating expenses? i. Office Rent ii. Advertisement Expenses iii. Loan Interest Which is correct?

7.Who is an internal user of accounting information?

8.What is the main purpose of a ledger?

9.What can be known from the sales journal? i. Total credit sales ii. Total sales iii. Total debtors Which is correct?

10.What is Mr. Rana's opening capital?

11.Which of the following is the correct expanded form of the accounting equation?

12.Mr. Imran's business has liabilities of Tk. 20,000 and owner's equity of Tk. 30,000. What is the total amount of assets?