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The first step of accountancy is

A. Journal Entry

B. Ledger Posting

C. Balancing of Accounts

D. Trial Balance

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  1. Cash is an example of
  2. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  3. The balance in the Cash Book represents net income.
  4. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  5. Accrual concept implies accounting on cash basis.
  6. Which of the following events is not a transaction?
  7. All credit sales are recorded in
  8. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  9. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  10. HUF stands for
  11. Wages and Salaries is a charge against
  12. Trial Balance is prepared after the preparation of Profit and Loss Account.
  13. Which of the following equation(s) is(are) true
  14. Depreciation is not charged on _______________.
  15. Transfer to General Reserve is a charge against
  16. Fixed Assets are stated in the balance sheet at their market value.
  17. The basic unit of measurement of the accounting system is ______________.
  18. All indirect expenses are charged against
  19. All events are transactions but all transactions are not events.
  20. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  21. E. & O.E.
  22. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  23. Copyright is an example of
  24. The account which can never have a credit balance is
  25. Cash payments are recorded on the _______________ of the Cash Book.
  26. The first step of accountancy is
  27. An expenditure intended to benefit the current period is revenue expenditure.
  28. The life span of a company is dependent on the life span of the
  29. Goodwill is not a fictitious asset.
  30. Any type of error affects the agreement of Trial Balance.