Related Questions
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Capital of the business is an example of external liability.
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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
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E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
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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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HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
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Cash payments are recorded on the _______________ of the Cash Book.
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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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Wages and Salaries is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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Any type of error affects the agreement of Trial Balance.
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All indirect expenses are charged against
B. Profit and Loss Account
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Contingent liability is an ascertained liability but its amount and due date are indeterminate.
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Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
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Depreciation cannot be provided in case of loss, in a financial year.
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An expense incurred to keep the machine in working condition is a capital expenditure.
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Goodwill is not a fictitious asset.
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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
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Trial Balance is prepared after the preparation of Profit and Loss Account.
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The accounts of a company may be maintained using Single Entry System of Book Keeping also.
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An expenditure intended to benefit the current period is revenue expenditure.
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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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Depreciation is not charged on _______________.
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Sale of Office Furniture should be credited to Sales Account.
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The basic unit of measurement of the accounting system is ______________.
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WIP stands for
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The short description of a transaction written at the end of a journal entry is known as _______________.
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All events are transactions but all transactions are not events.
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All credit sales are recorded in
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Bank Reconciliation statement is prepared to arrive at the Bank Balance.
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Business ventures, which are started for a predefined period, are known as _____________ventures
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Copyright is an example of