Accrual concept implies accounting on cash basis.

A. True

B. False

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  1. All indirect expenses are charged against
  2. The first step of accountancy is
  3. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  4. WIP stands for
  5. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  6. Transfer to General Reserve is a charge against
  7. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  8. Cash is an example of
  9. An expenditure intended to benefit the current period is revenue expenditure.
  10. A part of the profit distributed to the shareholders is known as
  11. According to the Concept of Conservatism, an accountant should
  12. Wages and Salaries is a charge against
  13. Which of the following events is not a transaction?
  14. Depreciation cannot be provided in case of loss, in a financial year.
  15. Fixed Assets are stated in the balance sheet at their market value.
  16. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  17. Sale of Office Furniture should be credited to Sales Account.
  18. Providing depreciation ensures sufficient cash for asset replacement.
  19. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  20. The account which can never have a credit balance is
  21. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  22. The balance in the Cash Book represents net income.
  23. Net Realisable Value of an asset means
  24. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  25. Goodwill is not a fictitious asset.
  26. Cash payments are recorded on the _______________ of the Cash Book.
  27. Accrual concept implies accounting on cash basis.
  28. All credit sales are recorded in
  29. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  30. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.