Related Questions
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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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4
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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All credit sales are recorded in
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Fixed Assets are stated in the balance sheet at their market value.
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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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A part of the profit distributed to the shareholders is known as
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Choose the odd one out
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Bank Reconciliation statement is prepared to arrive at the Bank Balance.
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All indirect expenses are charged against
B. Profit and Loss Account
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An expenditure intended to benefit the current period is revenue expenditure.
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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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Business ventures, which are started for a predefined period, are known as _____________ventures
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Net Realisable Value of an asset means
A. The historical cost of the asset
B. Its sale value as on a particular date
C. Its written down value as on a particular date
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Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
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Goodwill is not a fictitious asset.
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WDV stands for
A. Written Down Valuation
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Wages and Salaries is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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The balance in the Cash Book represents net income.
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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
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Capital of the business is an example of external liability.
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The basic unit of measurement of the accounting system is ______________.
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Cash payments are recorded on the _______________ of the Cash Book.
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The account which can never have a credit balance is
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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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4
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
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Transfer to General Reserve is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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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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The life span of a company is dependent on the life span of the
A. Owner(s) of the company
B. Promoter of the company
C. Managing Director of the company
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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