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Current Affairs January 2024

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4

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

A. True

B. False

Correct Answer :

B. False


Related Questions

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4

Capital of the business is an example of external liability.

A. True

B. False

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4

The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

A. Rs.60,000

B. Rs.54,000

C. Rs.48,600

D. Rs.43,740

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4

E. & O.E.

A. Errors & Omissions Expected

B. Error & Omission Expected

C. Errors & Omissions Entered

D. Errors & Omissions Excepted

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4

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

A. Rs.57,000

B. Rs.59,500

C. Rs.54,500

D. Rs.50,000

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4

HUF stands for

A. Hindu United Family

B. HIndi Undivided Family

C. Hindu Undivided Family

D. Hindu Uniform Family

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4

Cash payments are recorded on the _______________ of the Cash Book.

A. Debit side

B. Credit side

C. Both sides

D. Any one side

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4

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.

A. True

B. False

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4

Wages and Salaries is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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4

Any type of error affects the agreement of Trial Balance.

A. True

B. False

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4

All indirect expenses are charged against

A. Trading Account

B. Profit and Loss Account

C. Manufacturing Account

D. None of the above

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4

Contingent liability is an ascertained liability but its amount and due date are indeterminate.

A. True

B. False

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4

Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

A. True

B. False

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4

Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False

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4

An expense incurred to keep the machine in working condition is a capital expenditure.

A. True

B. False

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4

Goodwill is not a fictitious asset.

A. True

B. False

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4

Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

A. Event

B. Transaction

C. Both (a) and (b)

D. None of the above

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4

Trial Balance is prepared after the preparation of Profit and Loss Account.

A. True

B. False

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4

The accounts of a company may be maintained using Single Entry System of Book Keeping also.

A. True

B. False

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4

An expenditure intended to benefit the current period is revenue expenditure.

A. True

B. False

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4

Which of the following equation(s) is(are) true

A. Assets = Liabilities + Capital

B. Assets - Capital = Liabilities

C. Both (a) and (b)

D. None of the above

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4

Depreciation is not charged on _______________.

A. New assets

B. Land

C. Building

D. None of the above

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4

Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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4

The basic unit of measurement of the accounting system is ______________.

A. Money

B. Finance

C. Weight

D. None of the above

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4

WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

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4

The short description of a transaction written at the end of a journal entry is known as _______________.

A. Summary

B. Narration

C. Memo

D. Info

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4

All events are transactions but all transactions are not events.

A. True

B. False

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4

All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

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4

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

A. True

B. False

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4

Business ventures, which are started for a predefined period, are known as _____________ventures

A. Joint

B. Terminal

C. Treminable

D. Limited Period

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4

Copyright is an example of

A. Real Account

B. Asset

C. Intangible Asset

D. All of the above