Related Questions
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Providing depreciation ensures sufficient cash for asset replacement.
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Any type of error affects the agreement of Trial Balance.
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HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
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The accounts of a company may be maintained using Single Entry System of Book Keeping also.
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Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
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All events are transactions but all transactions are not events.
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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.
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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
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Choose the odd one out
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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
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The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is
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Contingent liability is an ascertained liability but its amount and due date are indeterminate.
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Which of the following equation(s) is(are) true
A. Assets = Liabilities + Capital
B. Assets - Capital = Liabilities
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Accrual concept implies accounting on cash basis.
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Net Realisable Value of an asset means
A. The historical cost of the asset
B. Its sale value as on a particular date
C. Its written down value as on a particular date
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Transfer to General Reserve is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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A part of the profit distributed to the shareholders is known as
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Cash is an example of
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Copyright is an example of
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The balance in the Cash Book represents net income.
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An expenditure intended to benefit the current period is revenue expenditure.
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All credit sales are recorded in
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An expense incurred to keep the machine in working condition is a capital expenditure.
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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
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Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
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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
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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
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Capital of the business is an example of external liability.
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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.
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The short description of a transaction written at the end of a journal entry is known as _______________.