Related Questions
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Business ventures, which are started for a predefined period, are known as _____________ventures
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Depreciation is not charged on _______________.
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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
Accrual concept implies accounting on cash basis.
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Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
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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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Cash is an example of
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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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All indirect expenses are charged against
B. Profit and Loss Account
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All events are transactions but all transactions are not events.
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The balance in the Cash Book represents net income.
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Fixed Assets are stated in the balance sheet at their market value.
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Cash payments are recorded on the _______________ of the Cash Book.
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Capital of the business is an example of external liability.
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Depreciation cannot be provided in case of loss, in a financial year.
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Sale of Office Furniture should be credited to Sales Account.
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An expense incurred to keep the machine in working condition is a capital expenditure.
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An expenditure intended to benefit the current period is revenue expenditure.
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WIP stands for
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Trial Balance is prepared after the preparation of Profit and Loss Account.
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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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E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
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Providing depreciation ensures sufficient cash for asset replacement.
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The aggregate of direct material, direct labour and direct expenses is known as
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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
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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
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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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Goodwill is not a fictitious asset.
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WDV stands for
A. Written Down Valuation
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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