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WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

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  1. All events are transactions but all transactions are not events.
  2. The life span of a company is dependent on the life span of the
  3. Copyright is an example of
  4. The balance in the Cash Book represents net income.
  5. All indirect expenses are charged against
  6. Capital of the business is an example of external liability.
  7. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  8. The first step of accountancy is
  9. Cash is an example of
  10. Any type of error affects the agreement of Trial Balance.
  11. Wages and Salaries is a charge against
  12. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  13. An expense incurred to keep the machine in working condition is a capital expenditure.
  14. Providing depreciation ensures sufficient cash for asset replacement.
  15. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  16. The account which can never have a credit balance is
  17. The aggregate of direct material, direct labour and direct expenses is known as
  18. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  19. E. & O.E.
  20. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  21. Net Realisable Value of an asset means
  22. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  23. Cash payments are recorded on the _______________ of the Cash Book.
  24. WIP stands for
  25. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  26. Which of the following equation(s) is(are) true
  27. According to the Concept of Conservatism, an accountant should
  28. The short description of a transaction written at the end of a journal entry is known as _______________.
  29. Goodwill is not a fictitious asset.
  30. Accrual concept implies accounting on cash basis.