Related Questions
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Bank Reconciliation statement is prepared to arrive at the Bank Balance.
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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
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4
The short description of a transaction written at the end of a journal entry is known as _______________.
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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.
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4
Cash payments are recorded on the _______________ of the Cash Book.
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An expenditure intended to benefit the current period is revenue expenditure.
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Business ventures, which are started for a predefined period, are known as _____________ventures
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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
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Fixed Assets are stated in the balance sheet at their market value.
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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
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Trial Balance is prepared after the preparation of Profit and Loss Account.
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The balance in the Cash Book represents net income.
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WIP stands for
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Depreciation is not charged on _______________.
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Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
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The first step of accountancy is
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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
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4
Choose the odd one out
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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
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All indirect expenses are charged against
B. Profit and Loss Account
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The basic unit of measurement of the accounting system is ______________.
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Which of the following equation(s) is(are) true
A. Assets = Liabilities + Capital
B. Assets - Capital = Liabilities
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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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If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
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Wages and Salaries is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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Transfer to General Reserve is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
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Accrual concept implies accounting on cash basis.
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Depreciation cannot be provided in case of loss, in a financial year.
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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
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The aggregate of direct material, direct labour and direct expenses is known as