Home
Current Affairs January 2024

What is the correct answer?

4

The accounts of a company may be maintained using Single Entry System of Book Keeping also.

A. True

B. False

Correct Answer :

B. False


Related Questions

What is the correct answer?

4

Trial Balance is prepared after the preparation of Profit and Loss Account.

A. True

B. False

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.

A. (i),(ii),(iii),(iv)

B. (ii),(iii),(iv),(i)

C. (ii),(iv),(i),(iii)

D. (ii),(iv),(iii),(i)

What is the correct answer?

4

The balance in the Cash Book represents net income.

A. True

B. False

What is the correct answer?

4

Fixed Assets are stated in the balance sheet at their market value.

A. True

B. False

What is the correct answer?

4

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

A. True

B. False

What is the correct answer?

4

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

D. None of the above

What is the correct answer?

4

The accounts of a company may be maintained using Single Entry System of Book Keeping also.

A. True

B. False

What is the correct answer?

4

Cash is an example of

A. Personal Account

B. Real Account

C. Nominal Account

D. Both (a) and (b)

What is the correct answer?

4

Depreciation is not charged on _______________.

A. New assets

B. Land

C. Building

D. None of the above

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

A. Rs.60,000

B. Rs.54,000

C. Rs.48,600

D. Rs.43,740

What is the correct answer?

4

Business ventures, which are started for a predefined period, are known as _____________ventures

A. Joint

B. Terminal

C. Treminable

D. Limited Period

What is the correct answer?

4

A part of the profit distributed to the shareholders is known as

A. Reserve & Surplus

B. Retained Earnings

C. Dividend

D. Net Profit

What is the correct answer?

4

All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

What is the correct answer?

4

WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

What is the correct answer?

4

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

A. True

B. False

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

D. None of the above

What is the correct answer?

4

Any type of error affects the agreement of Trial Balance.

A. True

B. False

What is the correct answer?

4

Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

A. True

B. False

What is the correct answer?

4

Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

What is the correct answer?

4

Cash payments are recorded on the _______________ of the Cash Book.

A. Debit side

B. Credit side

C. Both sides

D. Any one side

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

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

What is the correct answer?

4

Choose the odd one out

A. Wages

B. Stationery

C. Sales

D. Furniture

What is the correct answer?

4

Capital of the business is an example of external liability.

A. True

B. False

What is the correct answer?

4

Which of the following equation(s) is(are) true

A. Assets = Liabilities + Capital

B. Assets - Capital = Liabilities

C. Both (a) and (b)

D. None of the above

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

D. Both (b) and (c)

What is the correct answer?

4

Goodwill is not a fictitious asset.

A. True

B. False

What is the correct answer?

4

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

A. True

B. False

What is the correct answer?

4

Bank Reconciliation statement is prepared to arrive at the Bank Balance.

A. True

B. False

What is the correct answer?

4

The first step of accountancy is

A. Journal Entry

B. Ledger Posting

C. Balancing of Accounts

D. Trial Balance