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

A. True

B. False

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  1. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  2. Business ventures, which are started for a predefined period, are known as _____________ventures
  3. The first step of accountancy is
  4. Sale of Office Furniture should be credited to Sales Account.
  5. HUF stands for
  6. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  7. Choose the odd one out
  8. According to the Concept of Conservatism, an accountant should
  9. The account which can never have a credit balance is
  10. All events are transactions but all transactions are not events.
  11. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  12. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  13. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  14. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  15. Which of the following equation(s) is(are) true
  16. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  17. Providing depreciation ensures sufficient cash for asset replacement.
  18. All indirect expenses are charged against
  19. Fixed Assets are stated in the balance sheet at their market value.
  20. All credit sales are recorded in
  21. Depreciation is not charged on _______________.
  22. Copyright is an example of
  23. Cash payments are recorded on the _______________ of the Cash Book.
  24. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  25. E. & O.E.
  26. Capital of the business is an example of external liability.
  27. Cash is an example of
  28. Transfer to General Reserve is a charge against
  29. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  30. The aggregate of direct material, direct labour and direct expenses is known as