Fixed Assets are stated in the balance sheet at their market value.
True
False
Correct Answer :
B. False
Related Questions
All indirect expenses are charged against
Trading Account
Profit and Loss Account
Manufacturing Account
None of the above
All events are transactions but all transactions are not events.
True
False
Providing depreciation ensures sufficient cash for asset replacement.
True
False
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
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
Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
Capital of the business is an example of external liability.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
Any type of error affects the agreement of Trial Balance.
True
False
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
WDV stands for
Written Down Valuation
Write Down Value
Written Down Value
Writing Down Value
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
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.
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
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.
True
False
Net Realisable Value of an asset means
The historical cost of the asset
Its sale value as on a particular date
Its written down value as on a particular date
None of the above
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
Choose the odd one out
Wages
Stationery
Sales
Furniture
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
E. & O.E.
Errors & Omissions Expected
Error & Omission Expected
Errors & Omissions Entered
Errors & Omissions Excepted
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost
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
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family