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Any type of error affects the agreement of Trial Balance.

A. True

B. False

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  1. A part of the profit distributed to the shareholders is known as
  2. Sale of Office Furniture should be credited to Sales Account.
  3. All events are transactions but all transactions are not events.
  4. Providing depreciation ensures sufficient cash for asset replacement.
  5. The short description of a transaction written at the end of a journal entry is known as _______________.
  6. Which of the following events is not a transaction?
  7. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  8. E. & O.E.
  9. WIP stands for
  10. Business ventures, which are started for a predefined period, are known as _____________ventures
  11. The basic unit of measurement of the accounting system is ______________.
  12. The life span of a company is dependent on the life span of the
  13. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  14. An expense incurred to keep the machine in working condition is a capital expenditure.
  15. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  16. All credit sales are recorded in
  17. HUF stands for
  18. All indirect expenses are charged against
  19. Net Realisable Value of an asset means
  20. The account which can never have a credit balance is
  21. Goodwill is not a fictitious asset.
  22. The aggregate of direct material, direct labour and direct expenses is known as
  23. Depreciation is not charged on _______________.
  24. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  25. Transfer to General Reserve is a charge against
  26. Capital of the business is an example of external liability.
  27. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  28. Trial Balance is prepared after the preparation of Profit and Loss Account.
  29. The balance in the Cash Book represents net income.
  30. Fixed Assets are stated in the balance sheet at their market value.