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

A. True

B. False

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  1. The first step of accountancy is
  2. Which of the following events is not a transaction?
  3. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  4. All indirect expenses are charged against
  5. The short description of a transaction written at the end of a journal entry is known as _______________.
  6. The basic unit of measurement of the accounting system is ______________.
  7. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  8. E. & O.E.
  9. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  10. Goodwill is not a fictitious asset.
  11. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  12. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  13. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  14. WDV stands for
  15. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  16. All credit sales are recorded in
  17. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  18. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  19. The aggregate of direct material, direct labour and direct expenses is known as
  20. Net Realisable Value of an asset means
  21. Business ventures, which are started for a predefined period, are known as _____________ventures
  22. Transfer to General Reserve is a charge against
  23. Accrual concept implies accounting on cash basis.
  24. A part of the profit distributed to the shareholders is known as
  25. The life span of a company is dependent on the life span of the
  26. Cash is an example of
  27. An expense incurred to keep the machine in working condition is a capital expenditure.
  28. Cash payments are recorded on the _______________ of the Cash Book.
  29. According to the Concept of Conservatism, an accountant should
  30. Sale of Office Furniture should be credited to Sales Account.