Goodwill is not a fictitious asset.

A. True

B. False

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  1. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  2. Depreciation cannot be provided in case of loss, in a financial year.
  3. Accrual concept implies accounting on cash basis.
  4. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  5. Which of the following events is not a transaction?
  6. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  7. All indirect expenses are charged against
  8. Wages and Salaries is a charge against
  9. Any type of error affects the agreement of Trial Balance.
  10. The balance in the Cash Book represents net income.
  11. Choose the odd one out
  12. An expense incurred to keep the machine in working condition is a capital expenditure.
  13. Trial Balance is prepared after the preparation of Profit and Loss Account.
  14. The short description of a transaction written at the end of a journal entry is known as _______________.
  15. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  16. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  17. Fixed Assets are stated in the balance sheet at their market value.
  18. Goodwill is not a fictitious asset.
  19. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  20. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  21. All events are transactions but all transactions are not events.
  22. The aggregate of direct material, direct labour and direct expenses is known as
  23. Business ventures, which are started for a predefined period, are known as _____________ventures
  24. An expenditure intended to benefit the current period is revenue expenditure.
  25. The account which can never have a credit balance is
  26. Cash is an example of
  27. Copyright is an example of
  28. The first step of accountancy is
  29. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  30. All credit sales are recorded in