The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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  1. Cash payments are recorded on the _______________ of the Cash Book.
  2. Wages and Salaries is a charge against
  3. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  4. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  5. Providing depreciation ensures sufficient cash for asset replacement.
  6. All indirect expenses are charged against
  7. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  8. Capital of the business is an example of external liability.
  9. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  10. An expenditure intended to benefit the current period is revenue expenditure.
  11. Copyright is an example of
  12. The aggregate of direct material, direct labour and direct expenses is known as
  13. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  14. The short description of a transaction written at the end of a journal entry is known as _______________.
  15. An expense incurred to keep the machine in working condition is a capital expenditure.
  16. WDV stands for
  17. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  18. Depreciation is not charged on _______________.
  19. The life span of a company is dependent on the life span of the
  20. Which of the following equation(s) is(are) true
  21. Accrual concept implies accounting on cash basis.
  22. According to the Concept of Conservatism, an accountant should
  23. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  24. Transfer to General Reserve is a charge against
  25. Trial Balance is prepared after the preparation of Profit and Loss Account.
  26. Goodwill is not a fictitious asset.
  27. The balance in the Cash Book represents net income.
  28. WIP stands for
  29. Depreciation cannot be provided in case of loss, in a financial year.
  30. Which of the following events is not a transaction?