Bank Reconciliation statement is prepared to arrive at the Bank Balance.

A. True

B. False

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  1. Sale of Office Furniture should be credited to Sales Account.
  2. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  3. Fixed Assets are stated in the balance sheet at their market value.
  4. An expenditure intended to benefit the current period is revenue expenditure.
  5. All indirect expenses are charged against
  6. The short description of a transaction written at the end of a journal entry is known as _______________.
  7. A part of the profit distributed to the shareholders is known as
  8. An expense incurred to keep the machine in working condition is a capital expenditure.
  9. The account which can never have a credit balance is
  10. Trial Balance is prepared after the preparation of Profit and Loss Account.
  11. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  12. The balance in the Cash Book represents net income.
  13. Transfer to General Reserve is a charge against
  14. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  15. Net Realisable Value of an asset means
  16. HUF stands for
  17. Depreciation cannot be provided in case of loss, in a financial year.
  18. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  19. Cash payments are recorded on the _______________ of the Cash Book.
  20. The first step of accountancy is
  21. According to the Concept of Conservatism, an accountant should
  22. Depreciation is not charged on _______________.
  23. Accrual concept implies accounting on cash basis.
  24. E. & O.E.
  25. All credit sales are recorded in
  26. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  27. Providing depreciation ensures sufficient cash for asset replacement.
  28. All events are transactions but all transactions are not events.
  29. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  30. Wages and Salaries is a charge against