Accrual concept implies accounting on cash basis.

A. True

B. False

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  1. Cash is an example of
  2. Goodwill is not a fictitious asset.
  3. Trial Balance is prepared after the preparation of Profit and Loss Account.
  4. The aggregate of direct material, direct labour and direct expenses is known as
  5. The balance in the Cash Book represents net income.
  6. The basic unit of measurement of the accounting system is ______________.
  7. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  8. Transfer to General Reserve is a charge against
  9. Net Realisable Value of an asset means
  10. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  11. A part of the profit distributed to the shareholders is known as
  12. An expenditure intended to benefit the current period is revenue expenditure.
  13. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  14. Depreciation is not charged on _______________.
  15. WIP stands for
  16. Business ventures, which are started for a predefined period, are known as _____________ventures
  17. All indirect expenses are charged against
  18. Wages and Salaries is a charge against
  19. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  20. WDV stands for
  21. According to the Concept of Conservatism, an accountant should
  22. The short description of a transaction written at the end of a journal entry is known as _______________.
  23. Any type of error affects the agreement of Trial Balance.
  24. Depreciation cannot be provided in case of loss, in a financial year.
  25. Accrual concept implies accounting on cash basis.
  26. E. & O.E.
  27. Cash payments are recorded on the _______________ of the Cash Book.
  28. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  29. All credit sales are recorded in
  30. The first step of accountancy is