The balance in the Cash Book represents net income.
True
False
Correct Answer :
B. False
Related Questions
Providing depreciation ensures sufficient cash for asset replacement.
True
False
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
Which of the following events is not a transaction?
Mr. Employer paid salary of Rs.9,000 to Mr. Employee.
Rahul sold his bicycle to Rohan for Rs.600.
Abhijeet gifted a book, priced at Rs.800, to Amit.
None of the above.
The balance in the Cash Book represents net income.
True
False
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
Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
Fixed Assets are stated in the balance sheet at their market value.
True
False
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
Net Realisable Value of an asset means
The historical cost of the asset
Its sale value as on a particular date
Its written down value as on a particular date
None of the above
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
Capital of the business is an example of external liability.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
WIP stands for
Working Progress
What-in-Progress
Work-in-Progress
Works-in-Progress
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
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
Rs.60,000
Rs.54,000
Rs.48,600
Rs.43,740
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
Choose the odd one out
Wages
Stationery
Sales
Furniture
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
Goodwill is not a fictitious asset.
True
False