The life span of a company is dependent on the life span of the
Owner(s) of the company
Promoter of the company
Managing Director of the company
None of the above
Correct Answer :
D. None of the above
Related Questions
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
An expenditure intended to benefit the current period is revenue expenditure.
True
False
WDV stands for
Written Down Valuation
Write Down Value
Written Down Value
Writing Down Value
The life span of a company is dependent on the life span of the
Owner(s) of the company
Promoter of the company
Managing Director of the company
None of the above
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above
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
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
The balance in the Cash Book represents net income.
True
False
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
True
False
According to the Concept of Conservatism, an accountant should
Recognize all losses and anticipate no gains
Recognize all gains and anticipate no losses
Recognize and anticipate both gains and losses
Both (b) and (c)
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
A part of the profit distributed to the shareholders is known as
Reserve & Surplus
Retained Earnings
Dividend
Net Profit
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
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
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
Accrual concept implies accounting on cash basis.
True
False
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
The short description of a transaction written at the end of a journal entry is known as _______________.
Summary
Narration
Memo
Info
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
Goodwill is not a fictitious asset.
True
False
Providing depreciation ensures sufficient cash for asset replacement.
True
False
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
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
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.
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.