Multiple Choice Questions on If the debit side of trading account is more than the credit side what does it signify ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

If the debit side of trading account is more than the credit side what does it signify ........

General Accounting Principles Rectification of Errors
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    If the debit side of trading account is more than the credit side what does it signify

    Gross profit

    Incorrect Answer

    Gross loss

    Correct Answer

    Cost of goods sold

    Incorrect Answer

    None of the above 

    Incorrect Answer
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    Explanation:

    If the debit side is more than the credit side it means that there were more expenses this year than the incomes. Thus, there is a gross loss.

    By: Munesh Kumari
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