Related Questions
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An expense incurred to keep the machine in working condition is a capital expenditure.
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Bank Reconciliation statement is prepared to arrive at the Bank Balance.
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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
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The accounts of a company may be maintained using Single Entry System of Book Keeping also.
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Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
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Any type of error affects the agreement of Trial Balance.
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Copyright is an example of
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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
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E. & O.E.
A. Errors & Omissions Expected
B. Error & Omission Expected
C. Errors & Omissions Entered
D. Errors & Omissions Excepted
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All indirect expenses are charged against
B. Profit and Loss Account
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Sale of Office Furniture should be credited to Sales Account.
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Business ventures, which are started for a predefined period, are known as _____________ventures
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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
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Capital of the business is an example of external liability.
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Accrual concept implies accounting on cash basis.
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A part of the profit distributed to the shareholders is known as
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HUF stands for
B. HIndi Undivided Family
C. Hindu Undivided Family
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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
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Cash payments are recorded on the _______________ of the Cash Book.
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Providing depreciation ensures sufficient cash for asset replacement.
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Cash is an example of
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The short description of a transaction written at the end of a journal entry is known as _______________.
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All credit sales are recorded in
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The basic unit of measurement of the accounting system is ______________.
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Choose the odd one out
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WDV stands for
A. Written Down Valuation
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Trial Balance is prepared after the preparation of Profit and Loss Account.
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WIP stands for
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The first step of accountancy is
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If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.