If the useful life of a machine is 8 years instead of 10 years— i. Depreciation will increase ii. Net profit will decrease iii.Tax liability will increase Which one is correct?

1.What is the main basis of accounting?

2.Where are transactions classified?

3.An Invoice (Chalan) mentions— i. Quantity of goods ii. Rate/Price iii.Name of Buyer and Seller Which one is correct?

4.If the owner withdraws goods from the business— i. Drawings will increase ii. Purchases will increase iii.Purchases will decrease Which one is correct?

5.What is the amount of Ms. Tanzi's Opening Capital?

6.Optional steps in the Accounting Cycle are— i. Post-Closing Trial Balance ii. Reversing Entry iii.Work Sheet Which one is correct?

7.Where is the letter '$C^{\prime} written for a Contra Entry in a Cash$ Book?

8.What is the full form of NSF?

9.Regarding Suspense Account, which is correct? i. It is a temporary account ii. It is used for the period before errors are detected iii.It is considered a current asset Which one is correct?

10.When one error is corrected/offset by another error, what is it called?

11.What kind of error occurred in preparing the Trial Balance?

12.According to which principle is closing stock valued at the lower of cost or market price?