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

A. True

B. False

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  1. Accrual concept implies accounting on cash basis.
  2. Goodwill is not a fictitious asset.
  3. Sale of Office Furniture should be credited to Sales Account.
  4. The life span of a company is dependent on the life span of the
  5. E. & O.E.
  6. An expense incurred to keep the machine in working condition is a capital expenditure.
  7. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  8. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  9. The short description of a transaction written at the end of a journal entry is known as _______________.
  10. Business ventures, which are started for a predefined period, are known as _____________ventures
  11. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  12. All credit sales are recorded in
  13. Transfer to General Reserve is a charge against
  14. Cash payments are recorded on the _______________ of the Cash Book.
  15. Any type of error affects the agreement of Trial Balance.
  16. Fixed Assets are stated in the balance sheet at their market value.
  17. An expenditure intended to benefit the current period is revenue expenditure.
  18. Trial Balance is prepared after the preparation of Profit and Loss Account.
  19. All indirect expenses are charged against
  20. The basic unit of measurement of the accounting system is ______________.
  21. Depreciation cannot be provided in case of loss, in a financial year.
  22. Providing depreciation ensures sufficient cash for asset replacement.
  23. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  24. Which of the following events is not a transaction?
  25. All events are transactions but all transactions are not events.
  26. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  27. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  28. Cash is an example of
  29. The account which can never have a credit balance is
  30. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…