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. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  2. Trial Balance is prepared after the preparation of Profit and Loss Account.
  3. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  4. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  5. All indirect expenses are charged against
  6. The account which can never have a credit balance is
  7. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  8. Depreciation cannot be provided in case of loss, in a financial year.
  9. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  10. Which of the following events is not a transaction?
  11. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  12. Wages and Salaries is a charge against
  13. The aggregate of direct material, direct labour and direct expenses is known as
  14. A part of the profit distributed to the shareholders is known as
  15. The life span of a company is dependent on the life span of the
  16. Copyright is an example of
  17. Depreciation is not charged on _______________.
  18. The first step of accountancy is
  19. An expense incurred to keep the machine in working condition is a capital expenditure.
  20. Capital of the business is an example of external liability.
  21. HUF stands for
  22. Choose the odd one out
  23. Business ventures, which are started for a predefined period, are known as _____________ventures
  24. Goodwill is not a fictitious asset.
  25. Any type of error affects the agreement of Trial Balance.
  26. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  27. Transfer to General Reserve is a charge against
  28. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  29. Cash is an example of
  30. Which of the following equation(s) is(are) true