Fill in the blanks with appropriate word(s)
- Gross profit is the excess of net sales revenue over __________.
- Net Sales Revenues = Cash Sales + Credit Sales minus __________.
- Cost of Goods Sold = Opening Stock + Net Purchases – Stock at the end + __________.
- Net Purchases = Cash Purchases + Credit purchases minus __________.
- If closing stock is given in the Trial Balance, it is not shown in Trading Account because purchases have already been __________.
- Gross Profit/Loss is transferred to __________.
- Transfer items of revenues and expenses to Trading and Profit and Loss Account are made by means of Journal entries which are technically called __________.
- Net loss __________ the capital.
- Outstanding income means that amount of income which is due and receivable but not yet ________.
- Gross Profit/Loss is transferred to __________.
- Net Profit/Loss is transferred to __________.
- Excess of gross profit over operating expenses is known as __________.
- Carriage inward is debited to __________.
- Combined item – salaries and wages should be debited to __________.
- Any duty paid on purchases should be debited to __________.
- Bonus is charged to __________.
- Manufacturing Account is prepared to ascertain the __________ produced.
- The order or classes in which the assets and liabilities are stated in the Balance Sheet is termed as __________.
- Debit balance in the Profit and Loss Account appearing on the Assets side of a Balance Sheet is called __________.
- Contingent liability is shown by way of __________ to the Balance Sheet.
- The amount provided by the owners is known as __________.
- If accrued income appears in the Trial Balance, it will be shown on the __________ side of the Balance Sheet.
- Goods sold on approval are never treated as __________.
- Goods lying with the customers who have not given their approval are treated as part of the __________.
- The Net Profit calculated in the Profit and Loss Account is transferred to a new account known as __________ to record items of appropriation as against charges against the profit.