Related Questions
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Trial Balance is prepared after the preparation of Profit and Loss Account.
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If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
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Which of the following equation(s) is(are) true
A. Assets = Liabilities + Capital
B. Assets - Capital = Liabilities
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A part of the profit distributed to the shareholders is known as
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Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
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Cash payments are recorded on the _______________ of the Cash Book.
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Any type of error affects the agreement of Trial Balance.
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Cash is an example of
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Capital of the business is an example of external liability.
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In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of Credit balances, in certain situations, even if transactions are recorded correctly.
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HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
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E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
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All events are transactions but all transactions are not events.
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An expense incurred to keep the machine in working condition is a capital expenditure.
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Bank Reconciliation statement is prepared to arrive at the Bank Balance.
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WIP stands for
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Providing depreciation ensures sufficient cash for asset replacement.
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Which of the following events is not a transaction?
A. Mr. Employer paid salary of Rs.9,000 to Mr. Employee.
B. Rahul sold his bicycle to Rohan for Rs.600.
C. Abhijeet gifted a book, priced at Rs.800, to Amit.
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The balance in the Cash Book represents net income.
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All credit sales are recorded in
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Business ventures, which are started for a predefined period, are known as _____________ventures
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The short description of a transaction written at the end of a journal entry is known as _______________.
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Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
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An expenditure intended to benefit the current period is revenue expenditure.
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Depreciation cannot be provided in case of loss, in a financial year.
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Copyright is an example of
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Choose the odd one out
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The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is
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Contingent liability is an ascertained liability but its amount and due date are indeterminate.
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According to the Concept of Conservatism, an accountant should
A. Recognize all losses and anticipate no gains
B. Recognize all gains and anticipate no losses
C. Recognize and anticipate both gains and losses