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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. The short description of a transaction written at the end of a journal entry is known as _______________.
  2. Depreciation cannot be provided in case of loss, in a financial year.
  3. All events are transactions but all transactions are not events.
  4. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  5. Cash payments are recorded on the _______________ of the Cash Book.
  6. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  7. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  8. Fixed Assets are stated in the balance sheet at their market value.
  9. The basic unit of measurement of the accounting system is ______________.
  10. Capital of the business is an example of external liability.
  11. The aggregate of direct material, direct labour and direct expenses is known as
  12. Sale of Office Furniture should be credited to Sales Account.
  13. Any type of error affects the agreement of Trial Balance.
  14. An expenditure intended to benefit the current period is revenue expenditure.
  15. The balance in the Cash Book represents net income.
  16. The first step of accountancy is
  17. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  18. WDV stands for
  19. According to the Concept of Conservatism, an accountant should
  20. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  21. Wages and Salaries is a charge against
  22. Copyright is an example of
  23. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  24. Business ventures, which are started for a predefined period, are known as _____________ventures
  25. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  26. Goodwill is not a fictitious asset.
  27. E. & O.E.
  28. Depreciation is not charged on _______________.
  29. WIP stands for
  30. Transfer to General Reserve is a charge against