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All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

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  1. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  2. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  3. The account which can never have a credit balance is
  4. The first step of accountancy is
  5. Accrual concept implies accounting on cash basis.
  6. Depreciation is not charged on _______________.
  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. The balance in the Cash Book represents net income.
  9. WDV stands for
  10. Trial Balance is prepared after the preparation of Profit and Loss Account.
  11. Business ventures, which are started for a predefined period, are known as _____________ventures
  12. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  13. Which of the following events is not a transaction?
  14. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  15. Which of the following equation(s) is(are) true
  16. Goodwill is not a fictitious asset.
  17. Net Realisable Value of an asset means
  18. Wages and Salaries is a charge against
  19. E. & O.E.
  20. According to the Concept of Conservatism, an accountant should
  21. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  22. The aggregate of direct material, direct labour and direct expenses is known as
  23. A part of the profit distributed to the shareholders is known as
  24. Fixed Assets are stated in the balance sheet at their market value.
  25. Choose the odd one out
  26. Any type of error affects the agreement of Trial Balance.
  27. Depreciation cannot be provided in case of loss, in a financial year.
  28. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  29. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  30. An expense incurred to keep the machine in working condition is a capital expenditure.