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4

Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

Correct Answer :

B. False


Related Questions

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4

The first step of accountancy is

A. Journal Entry

B. Ledger Posting

C. Balancing of Accounts

D. Trial Balance

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4

Choose the odd one out

A. Wages

B. Stationery

C. Sales

D. Furniture

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4

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

An expense incurred to keep the machine in working condition is a capital expenditure.

A. True

B. False

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4

Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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4

Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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4

Transfer to General Reserve is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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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 account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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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

WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

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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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4

The aggregate of direct material, direct labour and direct expenses is known as

A. Product Cost

B. Manufacturing Cost

C. Prime Cost

D. Production Cost

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4

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

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

Copyright is an example of

A. Real Account

B. Asset

C. Intangible Asset

D. All of the above

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4

All events are transactions but all transactions are not events.

A. True

B. False

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4

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

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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4

E. & O.E.

A. Errors & Omissions Expected

B. Error & Omission Expected

C. Errors & Omissions Entered

D. Errors & Omissions Excepted

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4

HUF stands for

A. Hindu United Family

B. HIndi Undivided Family

C. Hindu Undivided Family

D. Hindu Uniform Family

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4

Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

A. Event

B. Transaction

C. Both (a) and (b)

D. None of the above

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4

Contingent liability is an ascertained liability but its amount and due date are indeterminate.

A. True

B. False

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4

Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False

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4

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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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

WDV stands for

A. Written Down Valuation

B. Write Down Value

C. Written Down Value

D. Writing Down Value

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4

Accrual concept implies accounting on cash basis.

A. True

B. False

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4

Capital of the business is an example of external liability.

A. True

B. False

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4

Goodwill is not a fictitious asset.

A. True

B. False