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Any type of error affects the agreement of Trial Balance.

A. True

B. False

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  1. The account which can never have a credit balance is
  2. The short description of a transaction written at the end of a journal entry is known as _______________.
  3. Trial Balance is prepared after the preparation of Profit and Loss Account.
  4. The balance in the Cash Book represents net income.
  5. Which of the following events is not a transaction?
  6. According to the Concept of Conservatism, an accountant should
  7. E. & O.E.
  8. Cash payments are recorded on the _______________ of the Cash Book.
  9. All events are transactions but all transactions are not events.
  10. WDV stands for
  11. Copyright is an example of
  12. A part of the profit distributed to the shareholders is known as
  13. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  14. All credit sales are recorded in
  15. The first step of accountancy is
  16. Depreciation cannot be provided in case of loss, in a financial year.
  17. Any type of error affects the agreement of Trial Balance.
  18. Capital of the business is an example of external liability.
  19. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  20. Choose the odd one out
  21. WIP stands for
  22. The basic unit of measurement of the accounting system is ______________.
  23. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  24. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  25. An expense incurred to keep the machine in working condition is a capital expenditure.
  26. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  27. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  28. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  29. The life span of a company is dependent on the life span of the
  30. Business ventures, which are started for a predefined period, are known as _____________ventures