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Current Affairs January 2024

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4

Choose the odd one out

A. Wages

B. Stationery

C. Sales

D. Furniture

Correct Answer :

D. Furniture


Related Questions

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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

Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

A. True

B. False

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4

WDV stands for

A. Written Down Valuation

B. Write Down Value

C. Written Down Value

D. Writing Down Value

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4

The first step of accountancy is

A. Journal Entry

B. Ledger Posting

C. Balancing of Accounts

D. Trial Balance

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4

Fixed Assets are stated in the balance sheet at their market value.

A. True

B. False

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4

Cash is an example of

A. Personal Account

B. Real Account

C. Nominal Account

D. Both (a) and (b)

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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

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

A. True

B. False

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4

Net Realisable Value of an asset means

A. The historical cost of the asset

B. Its sale value as on a particular date

C. Its written down value as on a particular date

D. None of the above

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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

The balance in the Cash Book represents net income.

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

A part of the profit distributed to the shareholders is known as

A. Reserve & Surplus

B. Retained Earnings

C. Dividend

D. Net Profit

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4

Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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4

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

A. True

B. False

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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

The aggregate of direct material, direct labour and direct expenses is known as

A. Product Cost

B. Manufacturing Cost

C. Prime Cost

D. Production Cost

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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

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

A. True

B. False

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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

All events are transactions but all transactions are not events.

A. True

B. False

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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 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

Which of the following events is not a transaction?

A. Mr. Employer paid salary of Rs.9,000 to Mr. Employee.

B. Rahul sold his bicycle to Rohan for Rs.600.

C. Abhijeet gifted a book, priced at Rs.800, to Amit.

D. None of the above.

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4

Transfer to General Reserve 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

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

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

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

A. True

B. False

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4

Copyright is an example of

A. Real Account

B. Asset

C. Intangible Asset

D. All of the above