The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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  1. An expenditure intended to benefit the current period is revenue expenditure.
  2. The aggregate of direct material, direct labour and direct expenses is known as
  3. An expense incurred to keep the machine in working condition is a capital expenditure.
  4. Fixed Assets are stated in the balance sheet at their market value.
  5. The first step of accountancy is
  6. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  7. Sale of Office Furniture should be credited to Sales Account.
  8. The life span of a company is dependent on the life span of the
  9. Any type of error affects the agreement of Trial Balance.
  10. All credit sales are recorded in
  11. Wages and Salaries is a charge against
  12. Accrual concept implies accounting on cash basis.
  13. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  14. Which of the following events is not a transaction?
  15. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  16. According to the Concept of Conservatism, an accountant should
  17. All indirect expenses are charged against
  18. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  19. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  20. A part of the profit distributed to the shareholders is known as
  21. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  22. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  23. Copyright is an example of
  24. Choose the odd one out
  25. Depreciation is not charged on _______________.
  26. Capital of the business is an example of external liability.
  27. Business ventures, which are started for a predefined period, are known as _____________ventures
  28. All events are transactions but all transactions are not events.
  29. The short description of a transaction written at the end of a journal entry is known as _______________.
  30. Net Realisable Value of an asset means