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Accrual concept implies accounting on cash basis.

A. True

B. False

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  1. Cash payments are recorded on the _______________ of the Cash Book.
  2. Trial Balance is prepared after the preparation of Profit and Loss Account.
  3. The basic unit of measurement of the accounting system is ______________.
  4. The first step of accountancy is
  5. Goodwill is not a fictitious asset.
  6. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  7. WDV stands for
  8. All indirect expenses are charged against
  9. An expense incurred to keep the machine in working condition is a capital expenditure.
  10. The life span of a company is dependent on the life span of the
  11. Sale of Office Furniture should be credited to Sales Account.
  12. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  13. The balance in the Cash Book represents net income.
  14. Transfer to General Reserve is a charge against
  15. HUF stands for
  16. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  17. Providing depreciation ensures sufficient cash for asset replacement.
  18. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  19. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  20. Fixed Assets are stated in the balance sheet at their market value.
  21. E. & O.E.
  22. Depreciation cannot be provided in case of loss, in a financial year.
  23. A part of the profit distributed to the shareholders is known as
  24. The account which can never have a credit balance is
  25. Business ventures, which are started for a predefined period, are known as _____________ventures
  26. According to the Concept of Conservatism, an accountant should
  27. Choose the odd one out
  28. Any type of error affects the agreement of Trial Balance.
  29. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  30. Wages and Salaries is a charge against