Any type of error affects the agreement of Trial Balance.

A. True

B. False

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  1. Business ventures, which are started for a predefined period, are known as _____________ventures
  2. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  3. Providing depreciation ensures sufficient cash for asset replacement.
  4. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  5. Net Realisable Value of an asset means
  6. Cash is an example of
  7. Transfer to General Reserve is a charge against
  8. WDV stands for
  9. The first step of accountancy is
  10. The basic unit of measurement of the accounting system is ______________.
  11. Sale of Office Furniture should be credited to Sales Account.
  12. The balance in the Cash Book represents net income.
  13. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  14. Wages and Salaries is a charge against
  15. Trial Balance is prepared after the preparation of Profit and Loss Account.
  16. According to the Concept of Conservatism, an accountant should
  17. E. & O.E.
  18. The aggregate of direct material, direct labour and direct expenses is known as
  19. Accrual concept implies accounting on cash basis.
  20. An expense incurred to keep the machine in working condition is a capital expenditure.
  21. All credit sales are recorded in
  22. The account which can never have a credit balance is
  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. All indirect expenses are charged against
  25. An expenditure intended to benefit the current period is revenue expenditure.
  26. Capital of the business is an example of external liability.
  27. Depreciation cannot be provided in case of loss, in a financial year.
  28. All events are transactions but all transactions are not events.
  29. A part of the profit distributed to the shareholders is known as
  30. Copyright is an example of