Related Questions
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4
Choose the odd one out
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4
An expense incurred to keep the machine in working condition is a capital expenditure.
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4
Wages and Salaries is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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4
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
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4
Sale of Office Furniture should be credited to Sales Account.
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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.
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4
Accrual concept implies accounting on cash basis.
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The account which can never have a credit balance is
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4
The short description of a transaction written at the end of a journal entry is known as _______________.
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Cash payments are recorded on the _______________ of the Cash Book.
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4
HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
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4
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
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4
Any type of error affects the agreement of Trial Balance.
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Trial Balance is prepared after the preparation of Profit and Loss Account.
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4
Transfer to General Reserve is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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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.
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4
Goodwill is not a fictitious asset.
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4
All events are transactions but all transactions are not events.
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4
Copyright is an example of
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The aggregate of direct material, direct labour and direct expenses is known as
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4
All credit sales are recorded in
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4
Fixed Assets are stated in the balance sheet at their market value.
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4
Depreciation cannot be provided in case of loss, in a financial year.
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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.
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4
E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
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4
The balance in the Cash Book represents net income.
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4
The basic unit of measurement of the accounting system is ______________.
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4
WDV stands for
A. Written Down Valuation
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Contingent liability is an ascertained liability but its amount and due date are indeterminate.
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Providing depreciation ensures sufficient cash for asset replacement.