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According to the Concept of Conservatism, an accountant should

A. Recognize all losses and anticipate no gains

B. Recognize all gains and anticipate no losses

C. Recognize and anticipate both gains and losses

D. Both (b) and (c)

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  1. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  2. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  3. Choose the odd one out
  4. The balance in the Cash Book represents net income.
  5. Any type of error affects the agreement of Trial Balance.
  6. All credit sales are recorded in
  7. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  8. Transfer to General Reserve is a charge against
  9. The short description of a transaction written at the end of a journal entry is known as _______________.
  10. Cash payments are recorded on the _______________ of the Cash Book.
  11. Cash is an example of
  12. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  13. Depreciation is not charged on _______________.
  14. An expense incurred to keep the machine in working condition is a capital expenditure.
  15. The first step of accountancy is
  16. Fixed Assets are stated in the balance sheet at their market value.
  17. Net Realisable Value of an asset means
  18. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  19. Business ventures, which are started for a predefined period, are known as _____________ventures
  20. Trial Balance is prepared after the preparation of Profit and Loss Account.
  21. All events are transactions but all transactions are not events.
  22. Which of the following events is not a transaction?
  23. According to the Concept of Conservatism, an accountant should
  24. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  25. Copyright is an example of
  26. The account which can never have a credit balance is
  27. Accrual concept implies accounting on cash basis.
  28. Which of the following equation(s) is(are) true
  29. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  30. Capital of the business is an example of external liability.