Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
Correct Answer :
B. False
Related Questions
All events are transactions but all transactions are not events.
True
False
Sale of Office Furniture should be credited to Sales Account.
True
False
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)
The short description of a transaction written at the end of a journal entry is known as _______________.
Summary
Narration
Memo
Info
Choose the odd one out
Wages
Stationery
Sales
Furniture
WDV stands for
Written Down Valuation
Write Down Value
Written Down Value
Writing Down Value
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
E. & O.E.
Errors & Omissions Expected
Error & Omission Expected
Errors & Omissions Entered
Errors & Omissions Excepted
Goodwill is not a fictitious asset.
True
False
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
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
Rs.60,000
Rs.54,000
Rs.48,600
Rs.43,740
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
The balance in the Cash Book represents net income.
True
False
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
An expenditure intended to benefit the current period is revenue expenditure.
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
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
Any type of error affects the agreement of Trial Balance.
True
False
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
True
False
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost
All indirect expenses are charged against
Trading Account
Profit and Loss Account
Manufacturing Account
None of the above
Capital of the business is an example of external liability.
True
False
WIP stands for
Working Progress
What-in-Progress
Work-in-Progress
Works-in-Progress
Depreciation cannot be provided in case of loss, in a financial year.
True
False
Which of the following events is not a transaction?
Mr. Employer paid salary of Rs.9,000 to Mr. Employee.
Rahul sold his bicycle to Rohan for Rs.600.
Abhijeet gifted a book, priced at Rs.800, to Amit.
None of the above.