Related Questions
What is the correct answer?
4
The first step of accountancy is
What is the correct answer?
4
Choose the odd one out
What is the correct answer?
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
What is the correct answer?
4
An expense incurred to keep the machine in working condition is a capital expenditure.
What is the correct answer?
4
Providing depreciation ensures sufficient cash for asset replacement.
What is the correct answer?
4
Sale of Office Furniture should be credited to Sales Account.
What is the correct answer?
4
Transfer to General Reserve is a charge against
B. Profit and Loss Account
C. Profit and Loss Appropriation Account
What is the correct answer?
4
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
What is the correct answer?
4
The account which can never have a credit balance is
What is the correct answer?
4
Trial Balance is prepared after the preparation of Profit and Loss Account.
What is the correct answer?
4
WIP stands for
What is the correct answer?
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.
What is the correct answer?
4
The aggregate of direct material, direct labour and direct expenses is known as
What is the correct answer?
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
What is the correct answer?
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.
What is the correct answer?
4
Copyright is an example of
What is the correct answer?
4
All events are transactions but all transactions are not events.
What is the correct answer?
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
What is the correct answer?
4
Business ventures, which are started for a predefined period, are known as _____________ventures
What is the correct answer?
4
E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
What is the correct answer?
4
HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
What is the correct answer?
4
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
What is the correct answer?
4
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
What is the correct answer?
4
Depreciation cannot be provided in case of loss, in a financial year.
What is the correct answer?
4
All indirect expenses are charged against
B. Profit and Loss Account
What is the correct answer?
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
What is the correct answer?
4
WDV stands for
A. Written Down Valuation
What is the correct answer?
4
Accrual concept implies accounting on cash basis.
What is the correct answer?
4
Capital of the business is an example of external liability.
What is the correct answer?
4
Goodwill is not a fictitious asset.