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4

All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

Correct Answer :

A. Sales Day Book


Related Questions

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4

Which of the following equation(s) is(are) true

A. Assets = Liabilities + Capital

B. Assets - Capital = Liabilities

C. Both (a) and (b)

D. None of the above

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4

A part of the profit distributed to the shareholders is known as

A. Reserve & Surplus

B. Retained Earnings

C. Dividend

D. Net Profit

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4

Depreciation is not charged on _______________.

A. New assets

B. Land

C. Building

D. None of the above

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4

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

A. Rs.60,000

B. Rs.54,000

C. Rs.48,600

D. Rs.43,740

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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.

A. True

B. False

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4

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

A. True

B. False

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4

Trial Balance is prepared after the preparation of Profit and Loss Account.

A. True

B. False

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4

Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

A. True

B. False

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4

Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

A. True

B. False

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4

Wages and Salaries is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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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

D. Both (b) and (c)

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4

Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

A. Event

B. Transaction

C. Both (a) and (b)

D. None of the above

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4

Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.

A. (i),(ii),(iii),(iv)

B. (ii),(iii),(iv),(i)

C. (ii),(iv),(i),(iii)

D. (ii),(iv),(iii),(i)

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4

Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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4

All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

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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

D. None of the above

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4

Accrual concept implies accounting on cash basis.

A. True

B. False

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4

The basic unit of measurement of the accounting system is ______________.

A. Money

B. Finance

C. Weight

D. None of the above

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4

Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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4

Business ventures, which are started for a predefined period, are known as _____________ventures

A. Joint

B. Terminal

C. Treminable

D. Limited Period

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4

HUF stands for

A. Hindu United Family

B. HIndi Undivided Family

C. Hindu Undivided Family

D. Hindu Uniform Family

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4

The accounts of a company may be maintained using Single Entry System of Book Keeping also.

A. True

B. False

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4

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

D. None of the above

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4

All events are transactions but all transactions are not events.

A. True

B. False

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4

Copyright is an example of

A. Real Account

B. Asset

C. Intangible Asset

D. All of the above

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4

WDV stands for

A. Written Down Valuation

B. Write Down Value

C. Written Down Value

D. Writing Down Value

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4

The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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4

Fixed Assets are stated in the balance sheet at their market value.

A. True

B. False

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4

Cash is an example of

A. Personal Account

B. Real Account

C. Nominal Account

D. Both (a) and (b)

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4

Any type of error affects the agreement of Trial Balance.

A. True

B. False