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  1. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  2. According to the Concept of Conservatism, an accountant should
  3. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  4. All indirect expenses are charged against
  5. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  6. An expense incurred to keep the machine in working condition is a capital expenditure.
  7. Capital of the business is an example of external liability.
  8. The short description of a transaction written at the end of a journal entry is known as _______________.
  9. Which of the following events is not a transaction?
  10. The first step of accountancy is
  11. WIP stands for
  12. Accrual concept implies accounting on cash basis.
  13. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  14. E. & O.E.
  15. Wages and Salaries is a charge against
  16. The balance in the Cash Book represents net income.
  17. WDV stands for
  18. Trial Balance is prepared after the preparation of Profit and Loss Account.
  19. Sale of Office Furniture should be credited to Sales Account.
  20. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  21. Fixed Assets are stated in the balance sheet at their market value.
  22. All events are transactions but all transactions are not events.
  23. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  24. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  25. The aggregate of direct material, direct labour and direct expenses is known as
  26. Which of the following equation(s) is(are) true
  27. An expenditure intended to benefit the current period is revenue expenditure.
  28. Copyright is an example of
  29. Cash payments are recorded on the _______________ of the Cash Book.
  30. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.