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