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

A. True

B. False

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  1. Cash is an example of
  2. Net Realisable Value of an asset means
  3. Copyright is an example of
  4. Transfer to General Reserve is a charge against
  5. Accrual concept implies accounting on cash basis.
  6. HUF stands for
  7. A part of the profit distributed to the shareholders is known as
  8. Choose the odd one out
  9. Goodwill is not a fictitious asset.
  10. Depreciation cannot be provided in case of loss, in a financial year.
  11. Cash payments are recorded on the _______________ of the Cash Book.
  12. WDV stands for
  13. All credit sales are recorded in
  14. The basic unit of measurement of the accounting system is ______________.
  15. The short description of a transaction written at the end of a journal entry is known as _______________.
  16. All events are transactions but all transactions are not events.
  17. According to the Concept of Conservatism, an accountant should
  18. All indirect expenses are charged against
  19. The first step of accountancy is
  20. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  21. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  22. The aggregate of direct material, direct labour and direct expenses is known as
  23. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  24. WIP stands for
  25. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  26. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  27. Which of the following events is not a transaction?
  28. Business ventures, which are started for a predefined period, are known as _____________ventures
  29. Capital of the business is an example of external liability.
  30. The life span of a company is dependent on the life span of the