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.
Correct Answer :
C. Abhijeet gifted a book, priced at Rs.800, to Amit.
Related Questions
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
Providing depreciation ensures sufficient cash for asset replacement.
True
False
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
Copyright is an example of
Real Account
Asset
Intangible Asset
All of the above
An expenditure intended to benefit the current period is revenue expenditure.
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)
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.
(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)
Any type of error affects the agreement of Trial Balance.
True
False
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
Goodwill is not a fictitious asset.
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
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
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.
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
True
False
Sale of Office Furniture should be credited to Sales Account.
True
False
Accrual concept implies accounting on cash basis.
True
False
WDV stands for
Written Down Valuation
Write Down Value
Written Down Value
Writing Down Value
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
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
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is
Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000
Fixed Assets are stated in the balance sheet at their market value.
True
False
The accounts of a company may be maintained using Single Entry System of Book Keeping also.
True
False
Capital of the business is an example of external liability.
True
False
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
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False