Accrual concept implies accounting on cash basis.

A. True

B. False

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  1. The aggregate of direct material, direct labour and direct expenses is known as
  2. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  3. Cash payments are recorded on the _______________ of the Cash Book.
  4. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  5. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  6. E. & O.E.
  7. The first step of accountancy is
  8. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  9. Depreciation is not charged on _______________.
  10. Choose the odd one out
  11. Copyright is an example of
  12. Capital of the business is an example of external liability.
  13. Transfer to General Reserve is a charge against
  14. A part of the profit distributed to the shareholders is known as
  15. Which of the following events is not a transaction?
  16. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  17. Business ventures, which are started for a predefined period, are known as _____________ventures
  18. WIP stands for
  19. Fixed Assets are stated in the balance sheet at their market value.
  20. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  21. Trial Balance is prepared after the preparation of Profit and Loss Account.
  22. All events are transactions but all transactions are not events.
  23. The life span of a company is dependent on the life span of the
  24. All credit sales are recorded in
  25. Goodwill is not a fictitious asset.
  26. Wages and Salaries is a charge against
  27. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  28. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  29. All indirect expenses are charged against
  30. WDV stands for