Related Questions
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4
All events are transactions but all transactions are not events.
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4
HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
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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
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
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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
Transfer to General Reserve is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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Capital of the business is an example of external liability.
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Accrual concept implies accounting on cash basis.
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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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Which of the following equation(s) is(are) true
A. Assets = Liabilities + Capital
B. Assets - Capital = Liabilities
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Fixed Assets are stated in the balance sheet at their market value.
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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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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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Cash is an example of
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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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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
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All indirect expenses are charged against
B. Profit and Loss Account
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Trial Balance is prepared after the preparation of Profit and Loss Account.
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All credit sales are recorded in
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Choose the odd one out
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WIP stands for
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WDV stands for
A. Written Down Valuation
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An expenditure intended to benefit the current period is revenue expenditure.
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Copyright is an example of
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An expense incurred to keep the machine in working condition is a capital expenditure.
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Business ventures, which are started for a predefined period, are known as _____________ventures
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Depreciation cannot be provided in case of loss, in a financial year.
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The aggregate of direct material, direct labour and direct expenses is known as
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The basic unit of measurement of the accounting system is ______________.
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Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.