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4

In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of Credit balances, in certain situations, even if transactions are recorded correctly.

A. True

B. False

Correct Answer :

B. False


Related Questions

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All events are transactions but all transactions are not events.

A. True

B. False

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Copyright is an example of

A. Real Account

B. Asset

C. Intangible Asset

D. All of the above

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An expenditure intended to benefit the current period is revenue expenditure.

A. True

B. False

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Net Realisable Value of an asset means

A. The historical cost of the asset

B. Its sale value as on a particular date

C. Its written down value as on a particular date

D. None of the above

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4

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

A. True

B. False

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E. & O.E.

A. Errors & Omissions Expected

B. Error & Omission Expected

C. Errors & Omissions Entered

D. Errors & Omissions Excepted

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Capital of the business is an example of external liability.

A. True

B. False

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The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

A. Rs.60,000

B. Rs.54,000

C. Rs.48,600

D. Rs.43,740

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4

Business ventures, which are started for a predefined period, are known as _____________ventures

A. Joint

B. Terminal

C. Treminable

D. Limited Period

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The short description of a transaction written at the end of a journal entry is known as _______________.

A. Summary

B. Narration

C. Memo

D. Info

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The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is

A. Rs.57,000

B. Rs.59,500

C. Rs.54,500

D. Rs.50,000

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4

Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.

A. (i),(ii),(iii),(iv)

B. (ii),(iii),(iv),(i)

C. (ii),(iv),(i),(iii)

D. (ii),(iv),(iii),(i)

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4

The life span of a company is dependent on the life span of the

A. Owner(s) of the company

B. Promoter of the company

C. Managing Director of the company

D. None of the above

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4

WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

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4

The balance in the Cash Book represents net income.

A. True

B. False

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4

Goodwill is not a fictitious asset.

A. True

B. False

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All indirect expenses are charged against

A. Trading Account

B. Profit and Loss Account

C. Manufacturing Account

D. None of the above

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The first step of accountancy is

A. Journal Entry

B. Ledger Posting

C. Balancing of Accounts

D. Trial Balance

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According to the Concept of Conservatism, an accountant should

A. Recognize all losses and anticipate no gains

B. Recognize all gains and anticipate no losses

C. Recognize and anticipate both gains and losses

D. Both (b) and (c)

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4

Depreciation is not charged on _______________.

A. New assets

B. Land

C. Building

D. None of the above

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Cash payments are recorded on the _______________ of the Cash Book.

A. Debit side

B. Credit side

C. Both sides

D. Any one side

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4

Which of the following events is not a transaction?

A. Mr. Employer paid salary of Rs.9,000 to Mr. Employee.

B. Rahul sold his bicycle to Rohan for Rs.600.

C. Abhijeet gifted a book, priced at Rs.800, to Amit.

D. None of the above.

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Choose the odd one out

A. Wages

B. Stationery

C. Sales

D. Furniture

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4

Trial Balance is prepared after the preparation of Profit and Loss Account.

A. True

B. False

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4

The basic unit of measurement of the accounting system is ______________.

A. Money

B. Finance

C. Weight

D. None of the above

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4

All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

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4

In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of Credit balances, in certain situations, even if transactions are recorded correctly.

A. True

B. False

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4

HUF stands for

A. Hindu United Family

B. HIndi Undivided Family

C. Hindu Undivided Family

D. Hindu Uniform Family