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  1. All indirect expenses are charged against
  2. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  3. Accrual concept implies accounting on cash basis.
  4. The account which can never have a credit balance is
  5. The basic unit of measurement of the accounting system is ______________.
  6. All credit sales are recorded in
  7. The first step of accountancy is
  8. Depreciation cannot be provided in case of loss, in a financial year.
  9. Any type of error affects the agreement of Trial Balance.
  10. The short description of a transaction written at the end of a journal entry is known as _______________.
  11. Net Realisable Value of an asset means
  12. Capital of the business is an example of external liability.
  13. The aggregate of direct material, direct labour and direct expenses is known as
  14. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  15. Sale of Office Furniture should be credited to Sales Account.
  16. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  17. The balance in the Cash Book represents net income.
  18. Depreciation is not charged on _______________.
  19. The life span of a company is dependent on the life span of the
  20. Fixed Assets are stated in the balance sheet at their market value.
  21. A part of the profit distributed to the shareholders is known as
  22. An expense incurred to keep the machine in working condition is a capital expenditure.
  23. WIP stands for
  24. Transfer to General Reserve is a charge against
  25. According to the Concept of Conservatism, an accountant should
  26. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  27. Cash payments are recorded on the _______________ of the Cash Book.
  28. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  29. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  30. HUF stands for