Related Questions
What is the correct answer?
4
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
What is the correct answer?
4
All events are transactions but all transactions are not events.
What is the correct answer?
4
An expense incurred to keep the machine in working condition is a capital expenditure.
What is the correct answer?
4
The account which can never have a credit balance is
What is the correct answer?
4
Transfer to General Reserve is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
What is the correct answer?
4
Copyright is an example of
What is the correct answer?
4
Capital of the business is an example of external liability.
What is the correct answer?
4
Fixed Assets are stated in the balance sheet at their market value.
What is the correct answer?
4
WIP stands for
What is the correct answer?
4
A part of the profit distributed to the shareholders is known as
What is the correct answer?
4
E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
What is the correct answer?
4
An expenditure intended to benefit the current period is revenue expenditure.
What is the correct answer?
4
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
What is the correct answer?
4
According to the Concept of Conservatism, an accountant should
A. Recognize all losses and anticipate no gains
B. Recognize all gains and anticipate no losses
C. Recognize and anticipate both gains and losses
What is the correct answer?
4
Wages and Salaries is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
What is the correct answer?
4
All indirect expenses are charged against
B. Profit and Loss Account
What is the correct answer?
4
The life span of a company is dependent on the life span of the
A. Owner(s) of the company
B. Promoter of the company
C. Managing Director of the company
What is the correct answer?
4
Depreciation cannot be provided in case of loss, in a financial year.
What is the correct answer?
4
In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of Credit balances, in certain situations, even if transactions are recorded correctly.
What is the correct answer?
4
The aggregate of direct material, direct labour and direct expenses is known as
What is the correct answer?
4
The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is
What is the correct answer?
4
Cash is an example of
What is the correct answer?
4
HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
What is the correct answer?
4
The balance in the Cash Book represents net income.
What is the correct answer?
4
Cash payments are recorded on the _______________ of the Cash Book.
What is the correct answer?
4
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
What is the correct answer?
4
Depreciation is not charged on _______________.
What is the correct answer?
4
Choose the odd one out
What is the correct answer?
4
The first step of accountancy is
What is the correct answer?
4
Which of the following events is not a transaction?
A. Mr. Employer paid salary of Rs.9,000 to Mr. Employee.
B. Rahul sold his bicycle to Rohan for Rs.600.
C. Abhijeet gifted a book, priced at Rs.800, to Amit.