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  1. Goodwill is not a fictitious asset.
  2. According to the Concept of Conservatism, an accountant should
  3. Any type of error affects the agreement of Trial Balance.
  4. Capital of the business is an example of external liability.
  5. Fixed Assets are stated in the balance sheet at their market value.
  6. The life span of a company is dependent on the life span of the
  7. Depreciation is not charged on _______________.
  8. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  9. Net Realisable Value of an asset means
  10. Depreciation cannot be provided in case of loss, in a financial year.
  11. The aggregate of direct material, direct labour and direct expenses is known as
  12. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  13. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  14. Providing depreciation ensures sufficient cash for asset replacement.
  15. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  16. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  17. Cash payments are recorded on the _______________ of the Cash Book.
  18. E. & O.E.
  19. Business ventures, which are started for a predefined period, are known as _____________ventures
  20. The account which can never have a credit balance is
  21. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  22. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  23. WIP stands for
  24. The balance in the Cash Book represents net income.
  25. Copyright is an example of
  26. All events are transactions but all transactions are not events.
  27. Cash is an example of
  28. A part of the profit distributed to the shareholders is known as
  29. An expense incurred to keep the machine in working condition is a capital expenditure.
  30. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…