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

A. True

B. False

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  1. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  2. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  3. Which of the following events is not a transaction?
  4. Sale of Office Furniture should be credited to Sales Account.
  5. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  6. Choose the odd one out
  7. Depreciation cannot be provided in case of loss, in a financial year.
  8. The short description of a transaction written at the end of a journal entry is known as _______________.
  9. Accrual concept implies accounting on cash basis.
  10. The basic unit of measurement of the accounting system is ______________.
  11. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  12. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  13. All events are transactions but all transactions are not events.
  14. Depreciation is not charged on _______________.
  15. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  16. WDV stands for
  17. All indirect expenses are charged against
  18. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  19. Providing depreciation ensures sufficient cash for asset replacement.
  20. An expense incurred to keep the machine in working condition is a capital expenditure.
  21. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  22. Wages and Salaries is a charge against
  23. HUF stands for
  24. All credit sales are recorded in
  25. Capital of the business is an example of external liability.
  26. The account which can never have a credit balance is
  27. Business ventures, which are started for a predefined period, are known as _____________ventures
  28. A part of the profit distributed to the shareholders is known as
  29. An expenditure intended to benefit the current period is revenue expenditure.
  30. Cash payments are recorded on the _______________ of the Cash Book.