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

A. True

B. False

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  1. The aggregate of direct material, direct labour and direct expenses is known as
  2. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  3. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  4. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  5. WIP stands for
  6. An expenditure intended to benefit the current period is revenue expenditure.
  7. Net Realisable Value of an asset means
  8. All events are transactions but all transactions are not events.
  9. Copyright is an example of
  10. Providing depreciation ensures sufficient cash for asset replacement.
  11. Which of the following events is not a transaction?
  12. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  13. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  14. Wages and Salaries is a charge against
  15. Depreciation is not charged on _______________.
  16. Accrual concept implies accounting on cash basis.
  17. The account which can never have a credit balance is
  18. The short description of a transaction written at the end of a journal entry is known as _______________.
  19. According to the Concept of Conservatism, an accountant should
  20. Depreciation cannot be provided in case of loss, in a financial year.
  21. An expense incurred to keep the machine in working condition is a capital expenditure.
  22. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  23. HUF stands for
  24. Any type of error affects the agreement of Trial Balance.
  25. Capital of the business is an example of external liability.
  26. The first step of accountancy is
  27. Cash payments are recorded on the _______________ of the Cash Book.
  28. Transfer to General Reserve is a charge against
  29. Goodwill is not a fictitious asset.
  30. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…