WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

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  1. All indirect expenses are charged against
  2. Cash is an example of
  3. The account which can never have a credit balance is
  4. Transfer to General Reserve is a charge against
  5. The short description of a transaction written at the end of a journal entry is known as _______________.
  6. WIP stands for
  7. Cash payments are recorded on the _______________ of the Cash Book.
  8. Depreciation is not charged on _______________.
  9. Fixed Assets are stated in the balance sheet at their market value.
  10. Business ventures, which are started for a predefined period, are known as _____________ventures
  11. An expense incurred to keep the machine in working condition is a capital expenditure.
  12. The first step of accountancy is
  13. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  14. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  15. All events are transactions but all transactions are not events.
  16. The basic unit of measurement of the accounting system is ______________.
  17. Depreciation cannot be provided in case of loss, in a financial year.
  18. Trial Balance is prepared after the preparation of Profit and Loss Account.
  19. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  20. Providing depreciation ensures sufficient cash for asset replacement.
  21. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  22. All credit sales are recorded in
  23. HUF stands for
  24. Net Realisable Value of an asset means
  25. Accrual concept implies accounting on cash basis.
  26. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  27. Wages and Salaries is a charge against
  28. WDV stands for
  29. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  30. Contingent liability is an ascertained liability but its amount and due date are indeterminate.