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

A. True

B. False

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  1. Which of the following events is not a transaction?
  2. Copyright is an example of
  3. All indirect expenses are charged against
  4. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  5. HUF stands for
  6. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  7. Transfer to General Reserve is a charge against
  8. Business ventures, which are started for a predefined period, are known as _____________ventures
  9. According to the Concept of Conservatism, an accountant should
  10. Net Realisable Value of an asset means
  11. The short description of a transaction written at the end of a journal entry is known as _______________.
  12. Cash is an example of
  13. A part of the profit distributed to the shareholders is known as
  14. Goodwill is not a fictitious asset.
  15. WDV stands for
  16. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  17. The account which can never have a credit balance is
  18. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  19. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  20. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  21. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  22. Sale of Office Furniture should be credited to Sales Account.
  23. WIP stands for
  24. Cash payments are recorded on the _______________ of the Cash Book.
  25. E. & O.E.
  26. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  27. Fixed Assets are stated in the balance sheet at their market value.
  28. The balance in the Cash Book represents net income.
  29. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  30. The life span of a company is dependent on the life span of the