Question

Q1.which of the following is a liability?
(a) furniture
(b) rent payable
(c) interest received
(d) stock

Q2. 'Closing stock is valued at lower cost or market price'. which concept of accounting is applied here?

Q3. Rs. 2000 paid as wages for installing a machine should be debited to:
(a) wages a/c
(b) machinery a/c
(c) capital a/c
(d) none of these

please ans. please!​

Answer 1

1st question answer because liability means thing for which someone is responsible especially an amount of money owned

Answer 2

Answer:

1st) Rent Payable

2nd) It is valued at Cost price or Releasable value.

3rd) Machinery Account is debited since the machine has to be put to use.

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