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

A. True

B. False

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  1. WIP stands for
  2. Goodwill is not a fictitious asset.
  3. Cash payments are recorded on the _______________ of the Cash Book.
  4. All events are transactions but all transactions are not events.
  5. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  6. The basic unit of measurement of the accounting system is ______________.
  7. The life span of a company is dependent on the life span of the
  8. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  9. The aggregate of direct material, direct labour and direct expenses is known as
  10. Copyright is an example of
  11. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  12. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  13. All indirect expenses are charged against
  14. Accrual concept implies accounting on cash basis.
  15. Sale of Office Furniture should be credited to Sales Account.
  16. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  17. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  18. A part of the profit distributed to the shareholders is known as
  19. Wages and Salaries is a charge against
  20. Transfer to General Reserve is a charge against
  21. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  22. WDV stands for
  23. Choose the odd one out
  24. Any type of error affects the agreement of Trial Balance.
  25. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  26. E. & O.E.
  27. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  28. Providing depreciation ensures sufficient cash for asset replacement.
  29. Fixed Assets are stated in the balance sheet at their market value.
  30. Capital of the business is an example of external liability.