Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
Correct Answer :
C. Both (a) and (b)
Related Questions
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
WIP stands for
Working Progress
What-in-Progress
Work-in-Progress
Works-in-Progress
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
All events are transactions but all transactions are not events.
True
False
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
Sale of Office Furniture should be credited to Sales Account.
True
False
Net Realisable Value of an asset means
The historical cost of the asset
Its sale value as on a particular date
Its written down value as on a particular date
None of the above
WDV stands for
Written Down Valuation
Write Down Value
Written Down Value
Writing Down Value
Accrual concept implies accounting on cash basis.
True
False
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
Depreciation cannot be provided in case of loss, in a financial year.
True
False
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
An expenditure intended to benefit the current period is revenue expenditure.
True
False
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
The balance in the Cash Book represents net income.
True
False
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
Choose the odd one out
Wages
Stationery
Sales
Furniture
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
Rs.60,000
Rs.54,000
Rs.48,600
Rs.43,740
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above
Providing depreciation ensures sufficient cash for asset replacement.
True
False
Goodwill is not a fictitious asset.
True
False
Any type of error affects the agreement of Trial Balance.
True
False