If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

A. True

B. False

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  1. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  2. Goodwill is not a fictitious asset.
  3. A part of the profit distributed to the shareholders is known as
  4. Depreciation cannot be provided in case of loss, in a financial year.
  5. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  6. Cash payments are recorded on the _______________ of the Cash Book.
  7. WIP stands for
  8. All credit sales are recorded in
  9. The life span of a company is dependent on the life span of the
  10. Net Realisable Value of an asset means
  11. Choose the odd one out
  12. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  13. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  14. All indirect expenses are charged against
  15. Cash is an example of
  16. WDV stands for
  17. Sale of Office Furniture should be credited to Sales Account.
  18. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  19. The account which can never have a credit balance is
  20. The short description of a transaction written at the end of a journal entry is known as _______________.
  21. The first step of accountancy is
  22. According to the Concept of Conservatism, an accountant should
  23. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  24. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  25. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  26. Accrual concept implies accounting on cash basis.
  27. An expenditure intended to benefit the current period is revenue expenditure.
  28. Business ventures, which are started for a predefined period, are known as _____________ventures
  29. The aggregate of direct material, direct labour and direct expenses is known as
  30. E. & O.E.