Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
Correct Answer :
D. All of the above
Related Questions
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
Capital of the business is an example of external liability.
True
False
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
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)
E. & O.E.
Errors & Omissions Expected
Error & Omission Expected
Errors & Omissions Entered
Errors & Omissions Excepted
Accrual concept implies accounting on cash basis.
True
False
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
An expense incurred to keep the machine in working condition is a capital 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 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.
Any type of error affects the agreement of Trial Balance.
True
False
Providing depreciation ensures sufficient cash for asset replacement.
True
False
WIP stands for
Working Progress
What-in-Progress
Work-in-Progress
Works-in-Progress
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
Choose the odd one out
Wages
Stationery
Sales
Furniture
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
The short description of a transaction written at the end of a journal entry is known as _______________.
Summary
Narration
Memo
Info
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
True
False
Fixed Assets are stated in the balance sheet at their market value.
True
False
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
All indirect expenses are charged against
Trading Account
Profit and Loss Account
Manufacturing Account
None of the above
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet