Bank Reconciliation statement is prepared to arrive at the Bank Balance.

A. True

B. False

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  1. The basic unit of measurement of the accounting system is ______________.
  2. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  3. Net Realisable Value of an asset means
  4. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  5. The aggregate of direct material, direct labour and direct expenses is known as
  6. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  7. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  8. Depreciation is not charged on _______________.
  9. The short description of a transaction written at the end of a journal entry is known as _______________.
  10. All events are transactions but all transactions are not events.
  11. Transfer to General Reserve is a charge against
  12. WIP stands for
  13. According to the Concept of Conservatism, an accountant should
  14. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  15. Capital of the business is an example of external liability.
  16. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  17. Sale of Office Furniture should be credited to Sales Account.
  18. Wages and Salaries is a charge against
  19. Accrual concept implies accounting on cash basis.
  20. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  21. Any type of error affects the agreement of Trial Balance.
  22. Choose the odd one out
  23. Business ventures, which are started for a predefined period, are known as _____________ventures
  24. Trial Balance is prepared after the preparation of Profit and Loss Account.
  25. The first step of accountancy is
  26. An expense incurred to keep the machine in working condition is a capital expenditure.
  27. E. & O.E.
  28. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  29. The balance in the Cash Book represents net income.
  30. Goodwill is not a fictitious asset.