Accrual concept implies accounting on cash basis.

A. True

B. False

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  1. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  2. The short description of a transaction written at the end of a journal entry is known as _______________.
  3. The first step of accountancy is
  4. Depreciation cannot be provided in case of loss, in a financial year.
  5. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  6. The life span of a company is dependent on the life span of the
  7. Depreciation is not charged on _______________.
  8. The aggregate of direct material, direct labour and direct expenses is known as
  9. Which of the following equation(s) is(are) true
  10. Fixed Assets are stated in the balance sheet at their market value.
  11. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  12. The basic unit of measurement of the accounting system is ______________.
  13. All indirect expenses are charged against
  14. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  15. HUF stands for
  16. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  17. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  18. All credit sales are recorded in
  19. Copyright is an example of
  20. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  21. Cash is an example of
  22. Which of the following events is not a transaction?
  23. Any type of error affects the agreement of Trial Balance.
  24. According to the Concept of Conservatism, an accountant should
  25. WIP stands for
  26. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  27. Goodwill is not a fictitious asset.
  28. E. & O.E.
  29. Providing depreciation ensures sufficient cash for asset replacement.
  30. Cash payments are recorded on the _______________ of the Cash Book.