1. Which accounting principle states that both cash and credit transactions should be recorded?

2. Which of the following books serves as both a journal and a ledger?

3. Interest received in advance is classified as which type of account?

4. Shiva draws a bill on Sanat on 25th October 2018 for 90 days. What is the bill's maturity date?

5. Peeru and Simu enter into a one-year agreement to buy and sell food grains, sharing profits in a 3:2 ratio. What type of agreement is this?

6. A prepaid insurance premium of ₹7,500 appears in the trial balance at the end of 2017-18. Where should it be shown?

7. Where does a contingent liability appear?

8. In which ledger is the Debtors Ledger Adjustment Account maintained?

9. The sacrifice ratio is generally associated with which business situation?

10. KCS purchased a machine from JPS on a hire purchase system. The cash price was ₹8,64,000, with ₹2,16,000 paid on delivery and the balance in three annual installments of ₹2,88,000 each. What is the amount of interest included in the first installment?