WIP stands for
Working Progress
What-in-Progress
Work-in-Progress
Works-in-Progress
Correct Answer :
C. Work-in-Progress
Related Questions
Capital of the business is an example of external liability.
True
False
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
Which of the following equation(s) is(are) true
Assets = Liabilities + Capital
Assets - Capital = Liabilities
Both (a) and (b)
None of the above
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
An expenditure intended to benefit the current period is revenue expenditure.
True
False
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
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
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.
True
False
The life span of a company is dependent on the life span of the
Owner(s) of the company
Promoter of the company
Managing Director of the company
None of the above
The balance in the Cash Book represents net income.
True
False
Business ventures, which are started for a predefined period, are known as _____________ventures
Joint
Terminal
Treminable
Limited Period
Choose the odd one out
Wages
Stationery
Sales
Furniture
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
All credit sales are recorded in
Sales Day Book
Sales Credit Book
Sales Day Account
Sales Day Register
All events are transactions but all transactions are not events.
True
False
Providing depreciation ensures sufficient cash for asset replacement.
True
False
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
Depreciation cannot be provided in case of loss, in a financial year.
True
False
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
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
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
True
False
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False