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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  1. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  2. The aggregate of direct material, direct labour and direct expenses is known as
  3. A part of the profit distributed to the shareholders is known as
  4. Net Realisable Value of an asset means
  5. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  6. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  7. Cash payments are recorded on the _______________ of the Cash Book.
  8. Any type of error affects the agreement of Trial Balance.
  9. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  10. The life span of a company is dependent on the life span of the
  11. Goodwill is not a fictitious asset.
  12. Choose the odd one out
  13. Sale of Office Furniture should be credited to Sales Account.
  14. Depreciation cannot be provided in case of loss, in a financial year.
  15. Cash is an example of
  16. Business ventures, which are started for a predefined period, are known as _____________ventures
  17. WIP stands for
  18. Trial Balance is prepared after the preparation of Profit and Loss Account.
  19. The short description of a transaction written at the end of a journal entry is known as _______________.
  20. HUF stands for
  21. Copyright is an example of
  22. E. & O.E.
  23. All credit sales are recorded in
  24. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  25. Transfer to General Reserve is a charge against
  26. Which of the following events is not a transaction?
  27. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  28. Depreciation is not charged on _______________.
  29. Wages and Salaries is a charge against
  30. Providing depreciation ensures sufficient cash for asset replacement.