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

A. True

B. False

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  1. Choose the odd one out
  2. According to the Concept of Conservatism, an accountant should
  3. An expense incurred to keep the machine in working condition is a capital expenditure.
  4. Copyright is an example of
  5. Wages and Salaries is a charge against
  6. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  7. Depreciation cannot be provided in case of loss, in a financial year.
  8. The life span of a company is dependent on the life span of the
  9. Trial Balance is prepared after the preparation of Profit and Loss Account.
  10. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  11. All indirect expenses are charged against
  12. The balance in the Cash Book represents net income.
  13. Which of the following events is not a transaction?
  14. WDV stands for
  15. The short description of a transaction written at the end of a journal entry is known as _______________.
  16. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  17. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  18. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  19. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  20. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  21. An expenditure intended to benefit the current period is revenue expenditure.
  22. Sale of Office Furniture should be credited to Sales Account.
  23. HUF stands for
  24. All events are transactions but all transactions are not events.
  25. Business ventures, which are started for a predefined period, are known as _____________ventures
  26. Transfer to General Reserve is a charge against
  27. Cash is an example of
  28. Any type of error affects the agreement of Trial Balance.
  29. All credit sales are recorded in
  30. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…