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Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

A. True

B. False

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  1. Goodwill is not a fictitious asset.
  2. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  3. Trial Balance is prepared after the preparation of Profit and Loss Account.
  4. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  5. Accrual concept implies accounting on cash basis.
  6. E. & O.E.
  7. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  8. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  9. The basic unit of measurement of the accounting system is ______________.
  10. All indirect expenses are charged against
  11. HUF stands for
  12. The balance in the Cash Book represents net income.
  13. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  14. Cash is an example of
  15. A part of the profit distributed to the shareholders is known as
  16. Business ventures, which are started for a predefined period, are known as _____________ventures
  17. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  18. Fixed Assets are stated in the balance sheet at their market value.
  19. The aggregate of direct material, direct labour and direct expenses is known as
  20. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  21. WIP stands for
  22. The first step of accountancy is
  23. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  24. Transfer to General Reserve is a charge against
  25. Providing depreciation ensures sufficient cash for asset replacement.
  26. Depreciation cannot be provided in case of loss, in a financial year.
  27. Copyright is an example of
  28. An expenditure intended to benefit the current period is revenue expenditure.
  29. Any type of error affects the agreement of Trial Balance.
  30. Which of the following events is not a transaction?