The balance in the Cash Book represents net income.

A. True

B. False

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  1. Sale of Office Furniture should be credited to Sales Account.
  2. Fixed Assets are stated in the balance sheet at their market value.
  3. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  4. Depreciation is not charged on _______________.
  5. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  6. Capital of the business is an example of external liability.
  7. Trial Balance is prepared after the preparation of Profit and Loss Account.
  8. HUF stands for
  9. Net Realisable Value of an asset means
  10. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  11. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  12. Accrual concept implies accounting on cash basis.
  13. The life span of a company is dependent on the life span of the
  14. The aggregate of direct material, direct labour and direct expenses is known as
  15. The account which can never have a credit balance is
  16. The short description of a transaction written at the end of a journal entry is known as _______________.
  17. A part of the profit distributed to the shareholders is known as
  18. Cash payments are recorded on the _______________ of the Cash Book.
  19. Cash is an example of
  20. Which of the following equation(s) is(are) true
  21. Depreciation cannot be provided in case of loss, in a financial year.
  22. Providing depreciation ensures sufficient cash for asset replacement.
  23. All credit sales are recorded in
  24. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  25. Choose the odd one out
  26. An expense incurred to keep the machine in working condition is a capital expenditure.
  27. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  28. Which of the following events is not a transaction?
  29. Wages and Salaries is a charge against
  30. An expenditure intended to benefit the current period is revenue expenditure.