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All events are transactions but all transactions are not events.

A. True

B. False

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  1. All events are transactions but all transactions are not events.
  2. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  3. E. & O.E.
  4. Capital of the business is an example of external liability.
  5. The short description of a transaction written at the end of a journal entry is known as _______________.
  6. The basic unit of measurement of the accounting system is ______________.
  7. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  8. The balance in the Cash Book represents net income.
  9. Fixed Assets are stated in the balance sheet at their market value.
  10. The account which can never have a credit balance is
  11. WDV stands for
  12. All indirect expenses are charged against
  13. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  14. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  15. Choose the odd one out
  16. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  17. According to the Concept of Conservatism, an accountant should
  18. Business ventures, which are started for a predefined period, are known as _____________ventures
  19. Cash is an example of
  20. WIP stands for
  21. An expense incurred to keep the machine in working condition is a capital expenditure.
  22. Any type of error affects the agreement of Trial Balance.
  23. HUF stands for
  24. All credit sales are recorded in
  25. Net Realisable Value of an asset means
  26. Goodwill is not a fictitious asset.
  27. An expenditure intended to benefit the current period is revenue expenditure.
  28. Wages and Salaries is a charge against
  29. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  30. The aggregate of direct material, direct labour and direct expenses is known as