Related Questions
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Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
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Contingent liability is an ascertained liability but its amount and due date are indeterminate.
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4
All indirect expenses are charged against
B. Profit and Loss Account
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Goodwill is not a fictitious asset.
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Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
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Wages and Salaries is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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Accrual concept implies accounting on cash basis.
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The first step of accountancy is
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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
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Depreciation is not charged on _______________.
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Copyright is an example of
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HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
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The balance in the Cash Book represents net income.
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Providing depreciation ensures sufficient cash for asset replacement.
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The accounts of a company may be maintained using Single Entry System of Book Keeping also.
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E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
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All credit sales are recorded in
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Cash payments are recorded on the _______________ of the Cash Book.
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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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4
WDV stands for
A. Written Down Valuation
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The basic unit of measurement of the accounting system is ______________.
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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
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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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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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Business ventures, which are started for a predefined period, are known as _____________ventures
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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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The short description of a transaction written at the end of a journal entry is known as _______________.
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All events are transactions but all transactions are not events.
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Depreciation cannot be provided in case of loss, in a financial year.
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A part of the profit distributed to the shareholders is known as