Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
Correct Answer :
C. Treminable
Related Questions
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
Which of the following events is not a transaction?
Mr. Employer paid salary of Rs.9,000 to Mr. Employee.
Rahul sold his bicycle to Rohan for Rs.600.
Abhijeet gifted a book, priced at Rs.800, to Amit.
None of the above.
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
Capital of the business is an example of external liability.
True
False
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
E. & O.E.
Errors & Omissions Expected
Error & Omission Expected
Errors & Omissions Entered
Errors & Omissions Excepted
According to the Concept of Conservatism, an accountant should
Recognize all losses and anticipate no gains
Recognize all gains and anticipate no losses
Recognize and anticipate both gains and losses
Both (b) and (c)
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
The life span of a company is dependent on the life span of the
Owner(s) of the company
Promoter of the company
Managing Director of the company
None of the above
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
True
False
Depreciation cannot be provided in case of loss, in a financial year.
True
False
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
Fixed Assets are stated in the balance sheet at their market value.
True
False
Any type of error affects the agreement of Trial Balance.
True
False
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
Goodwill is not a fictitious asset.
True
False
Choose the odd one out
Wages
Stationery
Sales
Furniture