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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

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4

All indirect expenses are charged against

A. Trading Account

B. Profit and Loss Account

C. Manufacturing Account

D. None of the above

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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

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4

Accrual concept implies accounting on cash basis.

A. True

B. False

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4

The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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4

Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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4

The first step of accountancy is

A. Journal Entry

B. Ledger Posting

C. Balancing of Accounts

D. Trial Balance

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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

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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)

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4

Capital of the business is an example of external liability.

A. True

B. False

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4

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

A. Reserve & Surplus

B. Retained Earnings

C. Dividend

D. Net Profit

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4

WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

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4

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

A. Joint

B. Terminal

C. Treminable

D. Limited Period

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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)

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4

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

A. True

B. False

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4

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

A. True

B. False

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4

Transfer to General Reserve is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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4

WDV stands for

A. Written Down Valuation

B. Write Down Value

C. Written Down Value

D. Writing Down Value

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4

Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

A. Event

B. Transaction

C. Both (a) and (b)

D. None of the above

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4

E. & O.E.

A. Errors & Omissions Expected

B. Error & Omission Expected

C. Errors & Omissions Entered

D. Errors & Omissions Excepted

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4

All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

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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

A. Rs.57,000

B. Rs.59,500

C. Rs.54,500

D. Rs.50,000

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4

Depreciation is not charged on _______________.

A. New assets

B. Land

C. Building

D. None of the above

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4

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

A. True

B. False

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4

The short description of a transaction written at the end of a journal entry is known as _______________.

A. Summary

B. Narration

C. Memo

D. Info

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4

The aggregate of direct material, direct labour and direct expenses is known as

A. Product Cost

B. Manufacturing Cost

C. Prime Cost

D. Production Cost

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4

The balance in the Cash Book represents net income.

A. True

B. False

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4

Wages and Salaries is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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4

An expenditure intended to benefit the current period is revenue expenditure.

A. True

B. False

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4

Any type of error affects the agreement of Trial Balance.

A. True

B. False

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4

HUF stands for

A. Hindu United Family

B. HIndi Undivided Family

C. Hindu Undivided Family

D. Hindu Uniform Family