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  1. The life span of a company is dependent on the life span of the
  2. Cash payments are recorded on the _______________ of the Cash Book.
  3. The account which can never have a credit balance is
  4. Copyright is an example of
  5. Depreciation cannot be provided in case of loss, in a financial year.
  6. HUF stands for
  7. The basic unit of measurement of the accounting system is ______________.
  8. Choose the odd one out
  9. Wages and Salaries is a charge against
  10. Fixed Assets are stated in the balance sheet at their market value.
  11. A part of the profit distributed to the shareholders is known as
  12. Business ventures, which are started for a predefined period, are known as _____________ventures
  13. Transfer to General Reserve is a charge against
  14. Net Realisable Value of an asset means
  15. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  16. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  17. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  18. WIP stands for
  19. Goodwill is not a fictitious asset.
  20. The first step of accountancy is
  21. The balance in the Cash Book represents net income.
  22. According to the Concept of Conservatism, an accountant should
  23. All indirect expenses are charged against
  24. An expenditure intended to benefit the current period is revenue expenditure.
  25. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  26. Any type of error affects the agreement of Trial Balance.
  27. The aggregate of direct material, direct labour and direct expenses is known as
  28. Providing depreciation ensures sufficient cash for asset replacement.
  29. Depreciation is not charged on _______________.
  30. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…