Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
Correct Answer :
B. Credit side
Related Questions
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
Accrual concept implies accounting on cash basis.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
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.
True
False
Depreciation cannot be provided in case of loss, in a financial year.
True
False
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
Any type of error affects the agreement of Trial Balance.
True
False
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
E. & O.E.
Errors & Omissions Expected
Error & Omission Expected
Errors & Omissions Entered
Errors & Omissions Excepted
An expenditure intended to benefit the current period is revenue expenditure.
True
False
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
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
Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000
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)
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
Choose the odd one out
Wages
Stationery
Sales
Furniture
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
Sale of Office Furniture should be credited to Sales Account.
True
False
All indirect expenses are charged against
Trading Account
Profit and Loss Account
Manufacturing Account
None of the above
Fixed Assets are stated in the balance sheet at their market value.
True
False