The balance in the Cash Book represents net income.

A. True

B. False

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  1. E. & O.E.
  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. Capital of the business is an example of external liability.
  5. All indirect expenses are charged against
  6. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  7. The life span of a company is dependent on the life span of the
  8. The account which can never have a credit balance is
  9. Sale of Office Furniture should be credited to Sales Account.
  10. HUF stands for
  11. Net Realisable Value of an asset means
  12. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  13. A part of the profit distributed to the shareholders is known as
  14. Cash payments are recorded on the _______________ of the Cash Book.
  15. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  16. All events are transactions but all transactions are not events.
  17. Goodwill is not a fictitious asset.
  18. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  19. Which of the following events is not a transaction?
  20. Trial Balance is prepared after the preparation of Profit and Loss Account.
  21. Fixed Assets are stated in the balance sheet at their market value.
  22. An expenditure intended to benefit the current period is revenue expenditure.
  23. Copyright is an example of
  24. Business ventures, which are started for a predefined period, are known as _____________ventures
  25. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  26. Accrual concept implies accounting on cash basis.
  27. Depreciation cannot be provided in case of loss, in a financial year.
  28. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  29. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  30. The short description of a transaction written at the end of a journal entry is known as _______________.