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Entering a transaction on the left-hand side of an account

ACrediting an Account

BDebiting an Account

CClosing an Account

DBalancing an Account

Answer:

B. Debiting an Account

Read Explanation:

Recording an entry on the left-hand side of an account is known as debting the account.


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Consider the following Statements related to sale of a property. Choose the Statements that are wrong.

  1. Any person with an interest can apply to set aside a sale on grounds of irregularity or fraud within 45 days from the date of sale.
  2. Where multiple executions are received against the same defaulter, assets are distributed among decree holders rateably.
  3. If a sale is adjourned for more than 7 days, a fresh proclamation of sale must be made.
  4. The sales officer must confirm the sale, if no objections are received within 15 days from the date of Proclamation.