Accounting

✅ The correct answer is D.
Petty cash fund is supposed to be replenished at the end of every accounting period. Replenish means to return the amount of actual cash in the petty cash box back to the amount appearing in the general ledger account Petty Cash. This is done whenever the amount of actual cash in the petty cash box is low and at the end of each accounting period.

✅ The correct answer is D.
Debit balance is the normal balance of a rent expense account. Asset accounts normally have debit balances.

✅ The correct answer is D.
If the opening inventory of a business is undercast, it will Increase gross profit as well as net profit.

✅ The correct answer is B.
Consistency principle requires that the same accounting method should be used from one accounting period to the next.

✅ The correct answer is A.
An expenditure whose benefit is finished or enjoyed immediately is called Expense. An expense is the cost of operations that a company incurs to generate revenue.

✅ The correct answer is A.
Secret reserve is not shown in the Balance sheet. The term secret reserve refers to a reserve the existence of which is not disclosed in the Balance Sheet. It can be said that there is a surplus of assets over liabilities and that surplus is not disclosed or shown by the Balance Sheet.

✅ The correct answer is B.
A cheque returned by bank marked “NSF” means that There are not sufficient funds in your account. Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn.

✅ The correct answer is D.
Office equipment is a Fixed asset for a computer manufacturer and the same office equipment is a current asset for a company that deals in these equipments.

✅ The correct answer is B.
Credit balance is the normal balance of an accumulated depreciation account. Accumulated depreciation has a credit balance, because it aggregates the amount of depreciation expense charged against a fixed asset.

✅ The correct answer is D.
The party who sends the goods for sales on fixed commission basis is known as Consignor. Person or firm (usually the seller) who delivers a consignment to a carrier for transporting it to a consignee (usually the buyer) named in the transportation documents.