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4

The basic unit of measurement of the accounting system is ______________.

A. Money

B. Finance

C. Weight

D. None of the above

Correct Answer :

A. Money


Related Questions

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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

E. & O.E.

A. Errors & Omissions Expected

B. Error & Omission Expected

C. Errors & Omissions Entered

D. Errors & Omissions Excepted

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4

Trial Balance is prepared after the preparation of Profit and Loss Account.

A. True

B. False

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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

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

The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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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

Depreciation is not charged on _______________.

A. New assets

B. Land

C. Building

D. None of the above

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4

Cash payments are recorded on the _______________ of the Cash Book.

A. Debit side

B. Credit side

C. Both sides

D. Any one side

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4

Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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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

Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

A. True

B. False

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4

The basic unit of measurement of the accounting system is ______________.

A. Money

B. Finance

C. Weight

D. None of the above

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4

Which of the following equation(s) is(are) true

A. Assets = Liabilities + Capital

B. Assets - Capital = Liabilities

C. Both (a) and (b)

D. None of the above

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4

The life span of a company is dependent on the life span of the

A. Owner(s) of the company

B. Promoter of the company

C. Managing Director of the company

D. None of the above

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4

Choose the odd one out

A. Wages

B. Stationery

C. Sales

D. Furniture

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4

Expenditure, which result in acquisition of permanent assets, is a capital 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

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

Goodwill is not a fictitious asset.

A. True

B. False

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4

Which of the following events is not a transaction?

A. Mr. Employer paid salary of Rs.9,000 to Mr. Employee.

B. Rahul sold his bicycle to Rohan for Rs.600.

C. Abhijeet gifted a book, priced at Rs.800, to Amit.

D. None of the above.

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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

Cash is an example of

A. Personal Account

B. Real Account

C. Nominal Account

D. Both (a) and (b)

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4

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

A. True

B. False

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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

Accrual concept implies accounting on cash basis.

A. True

B. False

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4

Copyright is an example of

A. Real Account

B. Asset

C. Intangible Asset

D. All of the above

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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 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

A. Rs.60,000

B. Rs.54,000

C. Rs.48,600

D. Rs.43,740

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4

Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False